Norway’s $1.8 Trillion Wealth Fund Gains 13% on Tech Stocks

Norway’s sovereign wealth fund, the world’s largest, reported a 13% return in 2024, adding $222 billion in profits, mainly due to strong gains in U.S. technology stocks.

Despite the record-breaking gains, the fund missed its self-imposed target for the second year in a row due to a decline in real estate investments.

Key Highlights

• Tech stocks performed the best, with equity investments rising 18%.
• Real estate investments fell, dragging down overall returns.
• Fixed-income investments rose 1%, while renewable energy holdings dropped 10%.
• The Norwegian government added $35.6 billion to the fund in 2024.

“American technology stocks performed very well,” said Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the fund.

Founded in the 1990s, the fund owns about 1.5% of all publicly listed stocks worldwide, making it the world’s largest single equity investor.