Norway’s colossal $1.8 trillion sovereign wealth fund, one of the world’s largest, posted a robust 13% return in 2024, translating to a staggering $222 billion gain. This impressive performance was largely fueled by the booming US technology sector.

Norway’s $1.8 trillion sovereign wealth fund returned 13%, or $222 billion, last year, driven by a booming US technology sector.

The oil fund, as it is known at home, is the world’s biggest single owner of public equities, with shares in almost 9,000 companies globally. It was established in the 1990s to invest Norway’s petroleum wealth and is largely an index-tracker, working according to a strict mandate from the country’s Finance Ministry.