Norwegian wealth fund profits reach $222B in 2024

The Norwegian sovereign wealth fund headquarter

The Norwegian sovereign wealth fund posted strong profits in 2024, marking its second-highest ever, thanks to gains in tech stocks.

The investment management unit of Norway’s central bank reported 2024 profits of 2.51 trillion kroner ($222 billion), up 14% from the previous year’s 2.2 trillion kroner.

CEO Nikolai Tangen said US tech stocks, particularly, performed exceptionally well last year, Reuters reported.

The fund’s return on investments for 2024 was 13%, slightly below the 13.45% return in 2023.

Nine of the top ten holdings were tech stocks, with Alphabet, Microsoft, and Nvidia at the forefront.

The fund’s total assets stand at $1.8 trillion, investing Norway’s oil and gas revenues into financial markets, real estate, and other sectors, owning an average 1.5% of all global listed stocks.