Given the extent to which the Norwegian government has been dipping into its Oil Fund, to finance all of its Corona crisis relief programs, it came as welcome news that Norway’s sovereign wealth fund just keeps growing anyway. It surpassed a value of NOK 11,000 billion last week.
The Norwegian central bank’s unit that manages the fund (NBIM, Norges Bank Investment Management) reported on its live ticker that last year’s record has been broken again. Stock markets recovering after the worst of the Corona crisis helped, as did all the revenues still flowing into the fund from Norway’s offshore oil interests.
The fund manages income from those revenues, and owns 1.5 percent of all the stock market value in the world. Its earnings help prevent the Norwegian goverment from borrowing money to fund Corona compensation packages that will need to extend into next year.