Norway wealth fund earned $A350 billion in 2025
Norway’s sovereign wealth fund, the world’s largest, reported a profit of 2.36 trillion kroner ($350 billion) in 2025, driven by a surge in technology, financial and basic materials stocks, just shy of the 2024 record of 2.51 trillion kroner.
With US$2.2 trillion in assets, the fund is one of the world’s largest investors and holds an average of 1.5 percent of listed stocks globally.
In the statement, it was stated that the fund’s investment return in 2025 is 15.1 percent or 0.28 percent lower than the return of the benchmark index determined by the country’s ministry of finance.
“Technology, financial and basic materials stocks came to the fore and made a significant contribution to the overall return,” fund CEO Nicolai Tangen said in a statement.
The fund is worth US$385,000 for every Norwegian man, woman and child and finances about 25 percent of the country’s financial budget.
Norway invests its state revenues from oil and gas production in bonds, stocks, property and unlisted renewable energy projects outside its domestic market.
According to fund data, the value of US Treasury bonds held by the wealth fund increased to $199 billion in the second half of 2025, or 9.4 percent of the fund’s total investments as of December 31, continuing this long-term trend.
That compares with the fund’s $181 billion, or 9.2 percent of its total investments, held in U.S. Treasuries as of June 30.
Some major Northern European investors are becoming increasingly wary of the risks of holding U.S. assets in the face of geopolitical tensions, pension chiefs told Reuters last week. It signals a widening shift away from the world’s largest financial market.
However, the Norwegian fund increased its holdings in the United States.
Overall, 52.9 per cent of the fund’s assets were invested in the US in the form of stocks, bonds and property at the end of 2025, compared with 52.4 per cent six months earlier, the data showed.
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