Norway wealth fund hits record 10 trillion kroner as stocks rise

The milestone comes as Norway's government regulators are grappling with strategy changes.

    Norway has the world's largest sovereign wealth fund [File: Simon Dawson/Bloomberg]
    Norway has the world's largest sovereign wealth fund [File: Simon Dawson/Bloomberg]

    The value of Norway's sovereign wealth fund - the world's largest - has hit a record 10 trillion Norwegian kroner ($1.09 trillion), boosted by rising global stocks and strength of the euro and dollar.

    Reaching the milestone on Friday came at a time when Norway's government regulators are grappling with strategy changes, including how to handle climate risk and a proposed large-scale shift of investments into the United States

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    Built in 1996 to save petroleum revenues for future generations, the size of the fund has grown to almost three times that of Norway's annual gross domestic product (GDP), far exceeding original projections.

    A live update on the fund's website showed the Government Pension Fund Global's value at 10 trillion Norwegian kroner at 08:57 GMT, corresponding to more than $200,000 for every man, woman and child in Norway. 

    Earlier this month, the fund announced that it will divest in companies solely dedicated to oil and gas production in a bid to shield itself from a long-term fall in oil prices. 

    Norway is Europe's second-largest producer of oil and gas after Russia and its wealth fund invests in foreign stocks, bonds and real estate. 

    SOURCE: Reuters news agency