Norway's Wealth Fund Reports Record $222 Billion Profit

Norway's $1.8 trillion sovereign wealth fund announced a record annual profit of 2.51 trillion crowns ($222 billion) for 2024, primarily driven by a strong performance in the technology sector. CEO Nicolai Tangen noted that American tech giants like Apple, Microsoft, and Nvidia played a crucial role in this success, contributing to an overall return on investment of 13%. Despite this impressive profit, state inflows into the fund were lower than previous records, and returns from fixed income and real estate investments lagged. The fund, which averages 1.5% ownership of publicly listed stocks worldwide, continues to leverage revenues from Norway's oil and gas production. This milestone underscores the fund's strategic importance in bolstering Norway's economic position globally. Overall, the tech rally significantly enhanced the fund's financial standing in 2024.