Norway’s sovereign wealth fund posts record $222 billion profit in 2024

Norway’s sovereign wealth fund, the world’s largest investment fund, has posted record profits of around $222 billion in 2024, boosted by a boom in the technology sector, according to a report by Norges Bank Investment Management (NBIM), the fund’s operator.

This is the second consecutive year that the fund has posted historic profits, surpassing the 2.2 trillion kroner it made in 2023, reflecting the significant impact of the boom in stock markets, especially US companies operating in the technology sector.

“US technology stocks have performed exceptionally well and have had a strong impact on the fund’s results,” said NBIM CEO Nikolai Tangen.

The $1.8 trillion Norwegian fund invests in the country’s oil and gas revenues, making it one of the world’s largest investors, owning an average of 1.5 percent of all listed stocks globally.

At the end of 2024, 9 of the top 10 equity investments were in technology companies, with Apple, Microsoft, and Nvidia in the top three.