Gorging on the US stock AI bull market dividends! Norway’s sovereign wealth fund has surpassed $2 trillion, heavily holding Apple and NVIDIA—so that the public gets an average of “$390k per person.”

Relying on U.S. stocks to get rich nationwide! The world's largest sovereign wealth fund, the "Norwegian Government Pension Fund Global (GPFG)," surpassed the $2 trillion mark in May 2026. Norway invested its former North Sea oil revenues into global stock markets, especially heavily weighting tech giants like NVIDIA and Apple, perfectly capturing the AI boom dividend. Surprisingly, more than half of the fund's current value comes from "pure investment gains," making the theoretical per capita wealth of Norway's 5.6 million citizens soar past $390k (about NT$12.6 million), arguably the strongest national-level investment strategy on earth.
(Background recap: Norway's largest sovereign fund in Q2 increased 83%, Bitcoin exposure revealed, aggressively buying MicroStrategy and Metaplanet with indirect holdings of 11.4k BTC)
(Additional background: A Norwegian town was forced to shut down its Bitcoin mine due to noise, resulting in 20% higher electricity bills for residents?)

Resource-rich countries often fall into the "resource curse" of economic overheating and inflation, but the Nordic nation of Norway not only successfully avoided this trap but also earned huge profits on Wall Street through precise investment vision.

According to the latest statistics, as of May 2026, the "Norwegian Government Pension Fund Global (GPFG)," managed by Norges Bank Investment Management (NBIM), officially surpassed $2 trillion to $2.2 trillion (about 21.3 trillion Norwegian kroner), maintaining its position as the world's largest sovereign wealth fund.

Heavy weighting in U.S. tech giants, perfectly harvesting the AI boom dividend

The explosive growth of this massive treasure trove is mainly driven by "the U.S. stock AI bull market."

Norway's sovereign fund employs a highly diversified yet disciplined investment strategy, with up to 71.3% invested in global equities. Among this large stock portfolio, the U.S. market dominates absolutely. Data shows that in 2025, the fund delivered an overall +15.1% return (with stocks alone up +19.3%), mainly fueled by optimistic expectations for AI chips and major tech stocks.

By the end of 2025, the fund's "top three holdings" were all leading U.S. tech giants driving the global AI wave:

2. NVIDIA: Holding value about 574 billion NOK (top position)
3. Apple: Holding value about 497 billion NOK
4. Microsoft: Holding value about 459 billion NOK

Following closely are companies like Alphabet (Google's parent company) and Amazon. Through long-term passive holdings of these tech giants, Norway has almost fully captured the huge capital dividends driven by generative AI in recent years.

Investment performance far outstrips "selling oil," with national wealth skyrocketing

The Norwegian sovereign fund was established in the 1990s, initially funded entirely from North Sea oil and gas surpluses. However, after thirty years of compound growth, this "black gold" has long since transformed.

From 1998 to now, the fund's long-term annualized return has reached 6.64%. More notably, with total assets surpassing 21 trillion NOK, the pure investment gains (about 13.4 trillion NOK) have far exceeded the government’s actual capital injection (about 5.4 trillion NOK). This means Norway is no longer simply rich from selling oil but has become a nation that "makes money from money" through powerful capital operations to expand national wealth.

If this $2 trillion wealth were evenly distributed among Norway’s roughly 5.6 million people, each Norwegian would theoretically own $350k to $390k (about NT$11.3 million to NT$12.6 million) in astonishing personal wealth. Of course, to ensure the fund’s sustainability, the Norwegian government strictly limits annual withdrawals to about 3% of expected returns, ensuring this "money-printing goose" can continue benefiting future generations.