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Norway's oil fund has beaten the Arabs to become the largest in the world


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Friday, 10 June 2011
15 years and one week after Norwegian Finance Minister Sigbj�rn Johnsen made the first deposit in the Government Global Pension Fund, the oil fund has been named the world's largest state fund, according to latest revelation from the Norwegian business daily Dagens N�ringsliv’s .

After 15 years, the Norwegian oil fund has become the largest in the world. With more than Nkr3500 billion,
that is about some Skr 3,500 billion to administer the fund which for the first time has surpassed the Abu Dhabi investment fund in the size, according to the paper of its website.

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UAE investment fund, Abu Dhabi Investment Authority, headed by sheikh Khalifa bin Zayed Al Nahyan, has long been considered the largest fund in the world. Now because of  bad investments and high public expenditure, the fund has been forced to be depleted forcing it to second place according the US research group, Monitor Group's ranking.

In itself, there is no goal to make the fund the greatest of all funds but it's always nice to see that the fund is growing according to commentators. “A growing fund means that we get more money for good causes from the state budget. My goal is that the Government Pension Fund should be the best managed funds,” said Norway’s Finance Minister, Sigbj�rn Johnson to Dagens N�ringsliv’s web news portal, DN.

Still a recent research study, carried out by researchers in Toronto and Chicago found that the Norwegian oil fund as the world's largest, according to the paper.

By way of comparison with the total value of all Norwegian goods and services, GDP was around Nkr2500 billion last year. In correspondence with the oil fund's assets, the GDP would have risen by around 124 percent if the oil fund was included. To get a better sense of the value of the fund,  Stockholm Stock Exchange's total value was at the close of business on Thursday about Skr4 350 billion according to Swedish daily Dagens Nyheter.
By Scancomark.se Team


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