Every Norwegian is, on paper, a millionaire. Under the care of Norges Bank Investment Management (NBIM), the country’s sovereign wealth fund grew to more than Nkr5.5 trillion ($900 billion) in size last year.
This is an astonishing feat. The Government Pension Fund Global (GPFG) was only established in 1990 (under a different name) and has gone from strength to strength. Last year, NBIM achieved the second highest annual return (15.9%) in its short history.
The fund also operates on a relatively
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