The country where every single citizen possesses a fortune of $200.000

The Norwegian sovereign fund, fueled by the money the Nordic country obtains from the oil industry, reached the value of 1 trillion dollars for the first time since its establishment in the 1990’s.

In theory, every Norwegian citizen possess a fortune of at least $200,000, writes Deutsche Welle.

Founded specially to manage the money from the commercializing of petroleum – so-called petrodollars, the fund exceeded $1 trillion as a result of the dollar’s evolution on international markets, as well as the increase in global equity.

Thus, theoretically, each of Norway’s 5.3 million citizens has $189,000 in the sovereign fund, which would finance the welfare of the country when the oil resources are over.

However, until then, the government is only allowed to withdraw small amounts, which they must return by the end of the year.

Yngve Slyngstad, head of the Norwegian central bank’s Investment Management Division, described the value of the fund as “terrific” and “a milestone” for the northern country.

“I do not think anyone expected the fund to reach 1 trillion dollars when the first transfers were made in 1996”, added the financial expert.

The fund’s value has increased 13 times, since 2002.

At first, he only invested in government bonds, but nowadays 65% of his holdings are shares in various companies.

The shares held by the Norwegian sovereign fund in the nearly 9.000 companies account for 1.3% of the shares in the world and 2.3% of the European shares.


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