Oslo, August 14, 2024 – The value of Norway’s sovereign wealth fund, the largest in the world, increased by 1.475 trillion Norwegian kroner (approximately €125.35 billion) in the first half of 2024. This growth was primarily driven by the fund’s significant investments in technology stocks, according to a report by AFP and data released by Norges Bank, the fund’s manager.
The fund saw an overall increase of 8.6%, raising its total value to 17.745 trillion NOK (around $1.6 trillion) by the end of June. The surge was largely attributed to the booming demand for new technologies, particularly in the field of artificial intelligence, highlighted by Nicolai Tangen, CEO of the fund.
Equities, which make up 72% of the fund’s portfolio, gained 12.5% during this period. However, fixed-income investments, which account for 26.1% of the portfolio, saw a slight decline of 0.6% in the first six months of the year.
Norway’s sovereign wealth fund invests the nation’s revenues from oil and gas exports. Established in 1990, the fund’s purpose is to ensure the sustainability of Norway’s social welfare system, even in the event of a downturn in energy export revenues. (1 EUR = 11.7665 NOK)
Key Figures for Norway’s Sovereign Wealth Fund in H1 2024
| Category | Value (H1 2024) | Change (%) |
|---|---|---|
| Total Fund Value | 17.745 trillion NOK | +8.6% |
| Increase in Value | 1.475 trillion NOK | – |
| Equity Portfolio (72% of total) | 12.777 trillion NOK | +12.5% |
| Fixed-Income Portfolio (26.1% of total) | 4.631 trillion NOK | -0.6% |
