Norwegians get richer as sovereign wealth fund adds billions - CBC News - News Summed Up

Norwegians get richer as sovereign wealth fund adds billions - CBC News


(Carlos Barria/Reuters)The country's $1.1 trillion US sovereign wealth fund, which invests government royalties from offshore oil and gas, grew by 13.7 per cent in 2017, adding $131 billion US to its coffers. The fund saw large returns from its stake in tech companies like Microsoft, Apple and Tencent. (Ole Berg-Rusten/AFP/Getty Images)The fund is now worth around $200,000 US for every man, woman and child in Norway. This year, the sovereign fund will buy another $40 billion in stocks, pushing toward a target of 70 per cent of its value. (Ole Berg-Rusten/AFP/Getty Images)In an interview with Reuters today, fund CEO Yngve Slyngstad said he will start by focusing on electricity producers.


Source: CBC News February 27, 2018 18:20 UTC



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