Norway’s Sovereign Wealth Fund, officially known as the Government Pension Fund Global (GPFG), stands as the world’s largest sovereign wealth fund, with assets totalling approximately 19.742 trillion kroner (about $1.747 trillion) at the end of 2024. Established in 1990, the fund was designed to manage the surplus revenues from Norway’s oil and gas resources, ensuring long-term economic stability for the nation. Built on the country’s oil revenues, this financial giant owns approximately 1.5% of all global stocks, making it a major player in international markets.
In 2023, the fund posted one of its best performances ever, with an annual return of 16.1%, resulting in a gain of more than $180 billion USD. This impressive growth was driven primarily by a rally in global equities, particularly in the technology and artificial intelligence sectors. The U.S. stock market played a major role in this positive outcome.
2024 brought another strong year, with the fund generating a 13% return on investments and a profit of 2.5 trillion kroner (approximately $222.4 billion USD). This was again largely driven by gains in U.S. technology stocks, including Apple and Nvidia. The same year, the fund strategically expanded into the Indian and Southeast Asian markets, aiming to tap into higher growth potential within these emerging regions.
How Norway’s Sovereign Fund Works?
Norway’s Sovereign Wealth Fund, was created to preserve the country’s oil wealth for the benefit of future generations. Managed by Norges Bank Investment Management (NBIM), the fund adheres to strict ethical guidelines that determine which industries and companies it can invest in. As of Q1 2024, the fund’s total assets reached approximately $1.4 trillion, positioning it among the largest sovereign wealth funds globally, alongside those of China and the United Arab Emirates.
The fund’s portfolio is highly diversified. Around 72% of its assets are invested in global equities, representing ownership in roughly 9,000 companies worldwide. Another 25% is allocated to fixed-income investments, primarily in government and corporate bonds from North America and Europe. In addition, about 3% of the fund is held in unlisted real estate, with premium commercial properties in cities such as New York, London, Paris, San Francisco, and Tokyo. Notable acquisitions include high-profile stakes in London’s Regent Street and office buildings in New York’s Times Square.
On average, the fund owns about 1.5% of all listed global equities, making it a major shareholder in thousands of companies. Among its most significant holdings are industry giants such as Apple, Microsoft, Nestlé, and Samsung.
While the fund excludes investments in gambling firms, its diversified portfolio spans many other industries. It holds substantial positions in technology giants like Apple, Microsoft, Alphabet, and Nvidia, as well as pharmaceutical leaders such as Novartis and Pfizer. The fund also invests in luxury brands including LVMH and Hermès, reflecting a commitment to stable, high-end industries. A growing area of focus is renewable energy, with holdings in companies such as Ørsted and NextEra Energy, aligning with Norway’s increasing emphasis on sustainability and ethical investment practices.
The world of online gambling is growing rapidly. While the fund avoids gambling and casino investments, players interested in Norwegian online casinos can visit Nett Casino for trusted recommendations. The site offers a reliable guide to the best online casinos available in Norway, featuring up-to-date overviews of casino bonuses—from welcome packages to free spins and more.
Norway’s Sovereign Wealth Fund has demonstrated remarkable resilience amidst global challenges such as inflation, geopolitical instability, and energy market volatility. the fund’s diversified structure has proven resilient. It also benefited from the depreciation of the Norwegian krone, which increased the fund’s value when measured in the local currency. Consistently setting a global standard for transparency, the fund publishes detailed quarterly and annual reports that disclose its holdings, returns, and shareholder voting records.
The fund’s massive scale and ethical mandate give it significant influence over corporate governance on a global scale. In 2023, it made headlines by voting against the re-election of board members at companies that failed to meet climate risk disclosure requirements. In 2024, the Ethics Council conducted a new review that led to the exclusion of 11 companies due to environmental violations. However, the fund’s exclusion policy toward gambling firms remained unchanged. One of the most debated investments has been Tesla, which some critics believe should be excluded over labor practice concerns. Despite the controversy, Tesla remains part of the portfolio.
The ethical scope of the fund continues to expand. In December 2024, the ethics watchdog announced plans to begin reviewing investments in cryptocurrency companies and shoe manufacturers amid potential ethical breaches. Furthermore, in April 2025, NBIM voted against a shareholder resolution calling for a review of Rio Tinto’s dual-listing structure—demonstrating the fund’s active approach to governance and accountability.
Overall, Norway’s Sovereign Wealth Fund remains a global benchmark for responsible investment, combining financial performance with ethical oversight. As it continues to grow and adapt to new challenges, the fund exemplifies how long-term planning and sustainability can coexist in one of the world’s most influential investment vehicles.
Ethical and Sustainable Investing
The Norway’s Sovereign Wealth Fund of Norway operates under an ethical investment framework established by the Ministry of Finance. Since 2004, the fund—formally known as the Government Pension Fund Global (GPFG)—has excluded companies involved in activities deemed unethical, including tobacco production, weapons manufacturing, severe environmental violations, and gambling operations such as casinos. This exclusion reflects Norway’s stringent gambling regulations, under which only two state-run entities—Norsk Tipping and Norsk Rikstoto—hold legal monopolies on betting and gaming services.
The decision to exclude casinos supports broader national objectives, including the prevention of gambling addiction, the limitation of private profit from gambling, and the maintenance of strong state oversight. As a result, even global casino giants like Las Vegas Sands, MGM Resorts, and Caesars Entertainment are blacklisted from the fund’s portfolio. This ethical stance ensures that the GPFG remains aligned with Norway’s broader legal and social values.
As of 2024, the GPFG has excluded more than 200 companies from its investment universe due to violations of its ethical guidelines. Notable divestments include Glencore, due to environmental concerns, and Philip Morris International, over its involvement in the tobacco industry. In recent years, the fund has increasingly emphasized climate-related risks, urging companies to align their operations with the Paris Agreement and improve their environmental, social and governance (ESG) disclosures. It also actively engages with portfolio companies through voting and dialogue to influence responsible corporate behavior.
The gambling industry, including casinos, remains a particular focus of the fund’s ethical scrutiny. In December 2024, the fund’s Ethics Council announced an expanded review of gambling operators for potential ethical violations, including risks related to money laundering and societal harm. Such reviews can result in formal exclusions from the investment universe if companies fail to meet the fund’s ethical standards.
This cautious approach aligns with Norway’s domestic policy framework, where gambling is tightly regulated to mitigate its social costs. By maintaining a firm stance against investment in the casino sector, the GPFG reinforces the country’s commitment to responsible business practices both at home and abroad.
Norway’s Sovereign Wealth Fund’s decision to exclude casino operators sends a strong message to the global gambling industry, highlighting its perception as a high-risk and ethically questionable sector. This position is not unique to Norway—other state investment funds, including Sweden’s AP funds, have also avoided casino stocks due to similar concerns. For international casino operators hoping to engage with Nordic markets, this presents a significant challenge. With strict regulations in place and state-run monopolies dominating the gambling landscape, foreign brands face an uphill battle when trying to reach Norwegian consumers.
Conclusion
Norway’s Sovereign Wealth Fund stands as a global benchmark for ethical investing, successfully balancing strong financial performance with social responsibility. It is more than just the world’s largest investment fund, it’s a model for how long-term wealth can be managed with transparency, sustainability and ethical responsibility. Through a carefully diversified portfolio spanning global equities, bonds and real estate, the fund delivers strong financial returns.
Its forward-looking approach to climate risk, corporate governance and emerging markets reflects a unique balance of financial acumen and social consciousness. As global investors seek to align profit with purpose, the GPFG stands as a powerful example of how nations can invest not only for growth, but for a more responsible global future.
