economy
January 29, 2026
World’s largest sovereign wealth fund made $247 billion in 2025, driven by tech and banking rally
Norway's $2 trillion sovereign wealth fund holds stakes in many of the world's biggest companies, including Apple, Nvidia and JPMorgan Chase.
TL;DR
- Norway's sovereign wealth fund generated $247 billion in profit in 2025, reaching a total value of $21.27 trillion Norwegian kroner.
- The fund's 2025 return of 13.5 trillion kronor was its highest ever, driven by equities (19.3% return), fixed income (5.4%), unlisted real estate (4.4%), and renewable energy infrastructure (18.1%).
- Key investments include stakes in Nvidia, Apple, and Microsoft, with notable contributions from basic materials (Fresnillo) and financial sector companies (Bank of America, JPMorgan Chase, Goldman Sachs, Santander, UBS, HSBC, UniCredit).
- The fund faced criticism from the U.S. State Department for divesting from Caterpillar and five Israeli banks, citing potential rights violations, a decision Norway's finance minister called 'not a political decision'.
- American equities constitute 38.8% of the fund's investments, reflecting the size of the U.S. market for long-term investment.
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