The Norwegian Government Pension Fund Global
We work to safeguard and build financial wealth for future generations
About the fund
The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global.
How the fund is invested
The Government Pension Fund Global is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation while ensuring good risk diversification. The fund invests only abroad so that the Norwegian economy does not overheat.
Equities
Most of the fund is invested in equities, which are ownership interest in about 7,100 companies.
Fixed income
Another part is invested in bonds, which are a type of loan to governments and companies.
Real estate
A smaller portion is invested in unlisted office and retail properties in attractive locations, and in logistics properties.
Infrastructure
A final slice is invested in renewable energy infrastructure, mainly in wind and solar projects.
We own a share of the world's largest companies
The fund has a small stake in about 7,100 companies across most countries and industries. On average, the fund holds 1.5 percent of all listed companies. This makes the fund the world's largest single investor.
The fund's 15 largest equity holdings as of 30 June 2026, by market value:
- 1. NVIDIA Corp: NOK 612 billion
- 2. Apple Inc: NOK 522 billion
- 3. Alphabet Inc: NOK 499 billion
- 4. Microsoft Corp: NOK 347 billion
- 5. Taiwan Semiconductor Manufacturing Co Ltd: NOK 332 billion
- 6. Amazon.com Inc: NOK 315 billion
- 7. Broadcom Inc: NOK 232 billion
- 8. Samsung Electronics Co Ltd: NOK 223 billion
- 9. ASML Holding NV: NOK 175 billion
- 10. SK hynix Inc: NOK 174 billion
- 11. Meta Platforms Inc: NOK 169 billion
- 12. Micron Technology Inc: NOK 161 billion
- 13. Tesla Inc: NOK 156 billion
- 14. Eli Lilly & Co: NOK 130 billion
- 15. Advanced Micro Devices Inc: NOK 122 billion
See all our investments
Search in all of the fund’s investments by , country and . This information is updated twice a year and is available since our first investment in 1998.
The fund's investments by country as of 30 June 2026:
- 1. United States: NOK 12148.5 billion (52.87% of the fund)
- 2. Japan: NOK 1389.3 billion (6.05% of the fund)
- 3. United Kingdom: NOK 1190.7 billion (5.18% of the fund)
- 4. Germany: NOK 847.7 billion (3.69% of the fund)
- 5. France: NOK 756.1 billion (3.29% of the fund)
- 6. Canada: NOK 738.8 billion (3.22% of the fund)
- 7. Taiwan: NOK 612.7 billion (2.67% of the fund)
- 8. South Korea: NOK 586.2 billion (2.55% of the fund)
- 9. Switzerland: NOK 583.2 billion (2.54% of the fund)
- 10. Netherlands: NOK 534.7 billion (2.33% of the fund)
- 11. China: NOK 466.4 billion (2.03% of the fund)
- 12. Australia: NOK 424.3 billion (1.85% of the fund)
- 13. Italy: NOK 324.6 billion (1.41% of the fund)
- 14. Spain: NOK 303.0 billion (1.32% of the fund)
- 15. India: NOK 273.0 billion (1.19% of the fund)
- 16. Sweden: NOK 231.1 billion (1.01% of the fund)
- 17. Singapore: NOK 223.5 billion (0.97% of the fund)
- 18. Denmark: NOK 176.7 billion (0.77% of the fund)
- 19. Belgium: NOK 115.9 billion (0.50% of the fund)
- 20. International organisations: NOK 110.2 billion (0.48% of the fund)
- 21. Hong Kong: NOK 93.4 billion (0.41% of the fund)
- 22. Finland: NOK 90.0 billion (0.39% of the fund)
- 23. South Africa: NOK 86.7 billion (0.38% of the fund)
- 24. Brazil: NOK 62.5 billion (0.27% of the fund)
- 25. Mexico: NOK 62.0 billion (0.27% of the fund)
- 26. Austria: NOK 57.2 billion (0.25% of the fund)
- 27. New Zealand: NOK 50.4 billion (0.22% of the fund)
- 28. Ireland: NOK 45.3 billion (0.20% of the fund)
- 29. Poland: NOK 39.1 billion (0.17% of the fund)
- 30. United Arab Emirates: NOK 33.9 billion (0.15% of the fund)
- 31. Malaysia: NOK 28.6 billion (0.12% of the fund)
- 32. Portugal: NOK 27.3 billion (0.12% of the fund)
- 33. Thailand: NOK 25.8 billion (0.11% of the fund)
- 34. Israel: NOK 23.9 billion (0.10% of the fund)
- 35. Türkiye: NOK 20.4 billion (0.09% of the fund)
- 36. Greece: NOK 18.9 billion (0.08% of the fund)
- 37. Indonesia: NOK 18.3 billion (0.08% of the fund)
- 38. Chile: NOK 15.9 billion (0.07% of the fund)
- 39. Hungary: NOK 15.2 billion (0.07% of the fund)
- 40. Colombia: NOK 13.4 billion (0.06% of the fund)
- 41. Lithuania: NOK 12.9 billion (0.06% of the fund)
- 42. International fund: NOK 12.4 billion (0.05% of the fund)
- 43. Qatar: NOK 10.0 billion (0.04% of the fund)
- 44. Luxembourg: NOK 9.5 billion (0.04% of the fund)
- 45. Slovakia: NOK 9.3 billion (0.04% of the fund)
- 46. Czech Republic: NOK 9.1 billion (0.04% of the fund)
- 47. Philippines: NOK 7.0 billion (0.03% of the fund)
- 48. Kuwait: NOK 6.4 billion (0.03% of the fund)
- 49. Latvia: NOK 6.1 billion (0.03% of the fund)
- 50. Estonia: NOK 4.9 billion (0.02% of the fund)
- 51. Vietnam: NOK 4.3 billion (0.02% of the fund)
- 52. Iceland: NOK 4.3 billion (0.02% of the fund)
- 53. Peru: NOK 4.2 billion (0.02% of the fund)
- 54. Romania: NOK 2.5 billion (0.01% of the fund)
- 55. Slovenia: NOK 2.4 billion (0.01% of the fund)
- 56. Egypt: NOK 1.6 billion (0.01% of the fund)
- 57. Kenya: NOK 1.5 billion (0.01% of the fund)
- 58. Russia: NOK 1.4 billion (0.01% of the fund)
- 59. Bangladesh: NOK 0.95 billion (< 0.01% of the fund)
- 60. Cyprus: NOK 0.93 billion (< 0.01% of the fund)
- 61. Liechtenstein: NOK 0.37 billion (< 0.01% of the fund)
- 62. Croatia: NOK 0.28 billion (< 0.01% of the fund)
- 63. Bulgaria: NOK 0.22 billion (< 0.01% of the fund)
- 64. Panama: NOK 0.18 billion (< 0.01% of the fund)
- 65. Malta: NOK 0.17 billion (< 0.01% of the fund)
- 66. Puerto Rico: NOK 0.09 billion (< 0.01% of the fund)
- 67. Morocco: NOK 0.04 billion (< 0.01% of the fund)
- 68. Jordan: NOK 0.03 billion (< 0.01% of the fund)
- 69. Ukraine: NOK 0.02 billion (< 0.01% of the fund)
Responsible investment
The fund exists to help finance the Norwegian welfare state for generations to come. The fund's future value depends on sustainable growth, well-functioning markets and value creation at the companies we own.
The fund's history
The idea of a Norwegian oil fund was conceived in the 1960s when the government claimed sovereignty over the Norwegian continental shelf. This laid the foundation for Norway's approach to pertroleum resource management, based on parliamentary guidelines that ensure responsible, long-term management under strong governmental control.
-
1969We discover oil in the North sea
-
1996The first money transfer to the fund
-
2019The fund's value exceeds 10,000 billion kroner
-
2024The fund's value exceeds 20,000 billion kroner
Value development since the first investment
The fund's value
The fund's value is driven by investment returns. The value is also affected by capital inflow and withdrawals, and exchange rate movements.
Return on the investments
Return on the investments accounts for more than half of the fund's value. Since 1998 the fund has generated an average annual return of 6.86 percent, or 15,210 billion kroner.
Get to know the CEOs of the world's largest companies
In our podcast 'In Good Company', CEO Nicolai Tangen interviews leaders of some of the world's largest companies, including OpenAI's Sam Altman, Novo Nordisk CEO Lars Fruegaard Jørgensen and Ferrari CEO Benedetto Vigna. You get to know the leader, their strategies, and how they engage with a large investor like us.
Our annual Investment Conference
At our annual investment conference, leading global experts present and participate in discussions on key financial topics. The aim of the conference is to create the number one meeting point for the Norwegian asset management industry.