Norway's sovereign wealth fund sees unprecedented $222 billion profit amid tech boom
Norwegian flag in front of the city hall building in Oslo. Photo: Didier Marti | Getty Images
Norway’s sovereign wealth fund, the world’s largest at $1.8 trillion, announced a historic annual profit of 2.51 trillion crowns ($222 billion) on Wednesday, thanks to a surge in tech stocks last year.
"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, News.Az reports, citing Reuters.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.
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