How much is Norway’s oil fund worth?
This morning, Norway’s oil fund hit a new all-time high value of NOK 10.93 trillion. Written out in full, that’s 10,930,000,000,000 Norwegian kroner. That’s approximately USD $1.2 trillion, EUR €1.07 trillion, or GBP £913 billion. The valuation tops the previous record of NOK 10.88 trillion set in mid-October.
How does Norway’s oil fund work?
The purpose of the fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, mainly from taxes of companies but also payment for licenses to explore for oil as well as the State’s Direct Financial Interest and dividends from the partly state-owned Equinor.
What is Norway’s sovereign wealth fund used for?
The fund exists to help finance the Norwegian welfare state for future generations. The future value of the fund depends on sustainable growth, well-functioning markets and value creation at the companies we invest in.
How much of Apple Does Norway own?
Norway’s oil fund is invested in 9,146 companies around the world, but its biggest boost last year came from Apple . It has a 0.9% stake in the US tech company, which has a market value of more than $8 billion. Last year, Apple’s share price rose 46%.
Is everyone in Norway a Millionaire?
Everyone in Norway is now a krone millionaire thanks to their sovereign wealth fund soaring on the back of high oil prices. According to Norway’s central bank, the sovereign wealth fund ballooned to 5.11 trillion krones (£503 billion), just over a million times the country’s estimated 5,096,300 population.
Why Norway is so rich?
Norway’s huge oil and gas sector is the clear driving factor behind the nation’s economic boom over the last three decades, following major discoveries in the North Sea (although falling energy prices in recent years have had an impact).
How much is the Norway pension?
Basic Amount: A standard amount that is used to calculate benefits and pensions , and which is set on 1 May each year. As of 1 May 2019, the Basic Amount is NOK 99 858, or about EUR 9 714; Minimum pension level: A guaranteed minimum retirement pension benefit from the National Insurance Scheme.
What does Norway spend its money on?
Norway is one of the world’s most prosperous countries, and oil and gas production account for 20 percent of its economy. Other important sectors include hydropower, fish, forests, and minerals. State revenues from petroleum are deposited in the world’s largest sovereign wealth fund.
Is Norway the richest country?
A new method of calculating wealth has resulted in the World Bank ranking Norway as the richest country in the world. The World Bank based its ranking on wealth per capita and thus beat out Qatar, which earlier held the top spot.
Who is the richest person in Norway?
How much is Norway in debt?
National debt of Norway 2024 The statistic shows the national debt of Norway from 2014 to 2018, with projections up until 2024. In 2018, the national debt of Norway amounted to around 153.76 billion U.S. dollars.
Does Norway own its oil?
North Sea oil In May 1963, Norway asserted sovereign rights over natural resources in its sector of the North Sea. The Norwegian government established its own oil company, Statoil, and awarded drilling and production rights to Norsk Hydro and the newly formed Saga Petroleum.
When did Norway get oil?
With the Ekofisk discovery in 1969, the Norwegian oil adventure really began. Production from the field started on 15 June 1971 , and in the following years a number of major discoveries were made. Exploration in the 1970s was confined to the area south of the 62nd parallel.
What is a government pension fund?
Topic. The purpose of the Government Pension Fund is to facilitate government savings to finance rising public pension expenditures, and support long-term considerations in the spending of government petroleum revenues.
Which country has the largest sovereign wealth fund?