veryone in Norway became a theoretical millionaire on Wednesday, in a milestone for the worlds biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices. Set up in 1990, the fund owns around 1 per cent of the worlds stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts. A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns ($931.87 billion), fractionally more than a million times Norways most recent official population estimate of 5,096,300. It was the first time it reached the equivalent of a million crowns each, central bank spokesman Thomas Sevang said.
Posted on: Sun, 03 Aug 2014 23:28:00 +0000
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