Norway wealth fund hits document 20 trillion crowns

OSLO (Reuters) – The worth of Norway’s sovereign wealth fund, the world’s largest, rose to a document 20 trillion Norwegian crowns ($1.80 trillion) on Friday, doubling its worth in simply 5 years as oil and fuel income flowed in and inventory markets rose.

Constructed since 1996 as rainy-day financial savings, the fund owns about 1.5% of all listed shares globally and has grown to virtually 4 instances the scale of Norway’s annual gross home product, far exceeding unique projections.

The fund’s worth was comparable in dimension to the annual GDP of Australia, a rustic with 5 instances the inhabitants of Norway.

The fund didn’t instantly reply to a request for remark.

($1 = 11.0855 Norwegian crowns)