Norwegian Sovereign Wealth Fund
| Norwegian Sovereign Wealth Fund link | |
|---|---|
| The world’s largest sovereign wealth fund. |
The Norwegian Sovereign Wealth Fund, officially The Government Pension Fund of Norway, is the world’s largest sovereign wealth fund. It comprises two entirely separate sovereign wealth funds owned by the government of Norway.
The Oil Fund
The Government Pension Fund Global , also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. It has over US$1 trillion in assets, including 1.4% of global stocks and shares, making it the world’s largest sovereign wealth fund. It also owns a few percent of the 3 companies dominating world finance, BlackRock, Vanguard and State Street.
Pension Fund
The smaller Government Pension Fund Norway was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Scandinavian investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.
Corona and Pharmaceutical Companies
During 2019, the Oil Fund purchased large amount of stock in pharmaceutical companies, an increase of 31.5% year on year[1]. This was done a few months before Covid was started in early 2020.
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Disappearance
In August 2025, US Senator Lindsey Graham threatened to impose tariffs and/or deny visas to Norwegians after the country’s sovereign wealth fund announced it was divesting from an American company whose products are used in Israel’s genocide in Gaza. "Doing business or visiting America is a privilege, not a right", he said.[2]
In August 2026, Nicolai Tangen, a hedge fund manager installed as leader of the fund, predicted "Can the oil fund disappear? The answer is yes. And the worst thing is that in the world we live in today, it’s not totally improbable. No country in history has managed to maintain such a vast fortune over the long term. Fortunes always end up disappearing." Among potential risks, Tangen mentioned extreme scenarios such as a nuclear war or biological terrorism, and also that of a prolonged depression triggered, for example, by the bursting of an "AI bubble. Even though more safeguards are now in place, the latter scenario would be comparable to the great economic depression of 1929 and could wipe out "at least 80 per cent” of the value of stock market investments", Tangen said[3] At the time he was speaking, 2026, Norway was arming and preparing for a war with Russia.