Economy

This pension fund is now worth $1 trillion

This pension fund is now worth $1 trillion”

What's most notable in this situation is that a white paper in April 2011 estimated the fund wouldn't reach the $1 trillion mark until the end of 2019. Yes, 1 followed by 12 zeros.

Established to manage Norway's oil revenues, the country's sovereign wealth fund surpassed the $1-trillion (1.8-trillion-euro) mark on Tuesday thanks to the recent appreciation of the world's major currencies against the United States dollar and rising stock markets across the world.

HELSINKI (AP) - Norway's sovereign wealth fund, the world's largest of its kind, has hit a milestone value of $1 trillion, beating all expectations since its creation over 20 years ago.

Norway is a major oil producer, and it has plowed its energy earnings into the fund in order to fund pensions and other government expenses.

With stakes in almost 9,000 companies, it owns 1.3 percent of the world's market capitalisation, and 2.3 percent in Europe. It owns on average 1.3% of all listed companies worldwide. It has also become an increasingly active shareholder, voting against some of its biggest holdings such as Apple and Facebook on corporate governance issues. It puts 32 percent in fixed-income like bonds, and 2.5 percent in unlisted real estate, according to data from the company that handles the fund, the Norges Bank Investment Management.

This year is shaping to be even more prosperous. Norway's sovereign wealth fund held $900 billion in assets as of March 2017, and it has gained $100 billion since then, Bloomberg reported.

For Norway's population of 5,2 million, the fund will secure pensions for generations to come.



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