Today: Monday, 26 September 2022 year

Norway’s National Wealth Fund reports record loss in six months

Norway’s National Wealth Fund reports record loss in six months

Norway’s sovereign wealth fund, which is called the largest oil capsule in the world, reported a record loss for the first half of 2022. The state pension fund lost $174 billion due to market slump, or 14 percent of the value of all its investments. This is stated in the message of the fund.

The head of Norges Bank Investment Management, Nikolai Tangen, explained that the fund was empty largely due to the tightening of monetary policy in the world, taking place in Ukraine and high inflation. Negative returns are observed in all sectors except energy.

“In the first half of the year, the energy sector paid off by 13 percent. We are seeing a sharp rise in prices for oil, gas and oil products,” said Tangen.

This is a record half-year loss in the history of the $1.2 trillion fund.


The fund was founded in 1990 to invest windfall profits from the sale of oil to ensure the well-being of future generations of the country’s inhabitants. 25 years ago, money was credited to his account for the first time. In the first half of 2021, Norway’s pension fund earned $111 billion in equities.