People are often interested in how much money the big banks are worth and how big of a a trust fund person ‘x’ may have, but they may be asking the wrong question. In a press release that shocked many people around the world, Norway announced that its “Government Pension Fund of Norway” had attained a value of one trillion dollars.
That’s right; $1,000,000,000,000.
Business Insider writes, “created on the back of the country’s vast oil wealth to provide its citizens with pensions, Norway’s sovereign wealth fund today owns around 1.3 per cent of the world’s entire listed equity. Among its largest holdings are corporates including Alphabet, Facebook and Roche.”
The fund’s manager, Yngve Slyngstad, said in a statement:
“Reaching 1 trillion dollars is a milestone, and the growth in the fund’s market value has been stunning,” said Yngve Slyngstad, Chief Executive of Norges Bank Investment Management, the central bank arm that manages the fund.
If you are a Norwegian citizen, you can rest assured that your retirement funds are in good hands. If you want to learn more, go to businessinsider.com. For more interesting financial news stories like this, sign up for our free newsletter.
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