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Norway wealth fund posts record $222 billion annual profit on tech boom
10:35 CAT | 29 Jan 2025
FILE - A view of Norway’s central bank building in Oslo [File photo: Reuters]
Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion), driven by last year’s tech rally.
“The American technology stocks in particular performed very well,” Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund’s operator, said in a statement.
The fund, which invests the Norwegian state’s revenues from oil and gas production, is one of the world’s largest investors, owning on average 1.5% of all listed stocks worldwide.
It also invests in bonds, real estate and renewable energy assets.
($1 = 11.2858 Norwegian crowns)
Source: Reuters
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