The Norwegian Government Pension Fund Global, set up to safeguard the country’s oil wealth for future generations, Tuesday rose to 3 trillion kroner for the first time in its 14-year history.
"The Fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund, which is also called the National Oil Fund.
In a press release the Central Bank states:
Since investing the initial 1.98 billion kroner in the same way as the country’s foreign exchange reserves, the fund has expanded into international stock and bond markets and is currently planning its move into real estate. Its market value reached a record 3 trillion kroner, equal to about $512 billion, as of 00:23 a.m. Norwegian time Tuesday. In another milestone, the fund first passed $500 billion on 5 October. This means that every Norwegian citizen has NOK 600.000 "in the bank".