International

Norway's sovereign wealth fund celebrates 'stunning' $1 trillion value

A file picture of Norwegian sovereign wealth fund CEO Yngve Slyngstad, in Oslo, Norway.

A file picture of Norwegian sovereign wealth fund CEO Yngve Slyngstad, in Oslo, Norway.   | Photo Credit: Reuters

The value of Norway's sovereign wealth fund officially hit $1 trillion early on Tuesday after outperforming all initial expectations, its manager said in a statement.

“I don't think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996,” said Chief Executive Officer Yngve Slyngstad of Norges Bank Investment Management, which operates the fund.

“Reaching $1 trillion is a milestone, and the growth in the fund's market value has been stunning,” he added.

A Reuters calculation, based on the fund's own live valuation on its website, had previously shown the fund hit the trillion-dollar mark on September 12.

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Printable version | Jul 7, 2020 4:29:47 PM | https://www.thehindu.com/news/international/norways-sovereign-wealth-fund-celebrates-stunning-1-trillion-value/article19714309.ece

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