Norway wealth fund earned $247b in 2025 driven by tech, financial stocks

OSLO, Jan 29 (Reuters): Norway's sovereign wealth fund, the world's largest, on Thursday reported a 2025 profit of 2.36 trillion crowns ($247 billion), driven by a rise in tech, financial and basic materials stocks, falling just short of its 2024 record of 2.51 trillion crowns.

The fund, which holds assets of $2.2 trillion, is one of the world's largest investors, holding on average 1.5 per cent of all listed stocks globally.

The fund's return on investment in 2025 was 15.1 per cent, or 0.28 percentage points lower than the return on its benchmark index, set by the country's finance ministry, it said in a statement.

"Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return," fund CEO Nicolai Tangen said in the statement.

The fund is worth the equivalent of $385,000 for every Norwegian man, woman and child and finances some 25 per cent of the country's fiscal budget.

It invests the Norwegian state's revenues from oil and gas production in bonds, stocks, property and unlisted renewable energy projects outside its home market.

The value of US Treasuries held by the wealth fund increased during the second half of 2025 to $199 billion, or 9.4 per cent of the fund's total investments as of December 31, continuing a long-term trend, fund data showed.