World’s largest wealth fund in Norway reaches record $1trillion

‘The world’s largest sovereign wealth fund in Norway hit $1 trillion for the first time on Tuesday.
The history making value was seen at 10:34 GMT on the news of rising global stock markets and euro.
The fund was established in 1998 to save oil and gas revenue for future generations. It is now worth 250 percent of Norway’s GDP, while the forecast had been 130 percent in the 2020s.
Its value is equivalent to $185,000 for each man, woman, and child in Norway.
The fund can only invest in stocks, bonds and real estate abroad, but doesn’t invest in companies that produce tobacco, nuclear weapons or antipersonnel landmines for ethical reasons. Sixty-six companies have been excluded for that reason.
Norwegian authorities are allowed to use a limited amount of the overall value of the fund to prevent the economy from overheating. They can spend three percent of the fund’s value per year.’
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