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Government pension fund global The fund

The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.

The fund's market value

billion nok

The market value

Facts about the fund

78 countries




of listed companies worldwide


of listed companies in Europe


A film about the fund

The Norwegian people own the fund

See our film about the history, objective and management.

The Fund's returns


Annual return 1998-2015

The fund generated an annual return of 5.6 percent from the establishment of Norges Bank Investment Management in 1998 to the end of 2015, measured in the fund's currency basket. After management costs and inflation, the return was 3.7 percent. The return in dollars was 5.8 percent.


The budgetary rule


of the fund value can be used in the national budget

179.6 Billion kroner was transferred to the  national budget in 2015


The fund is integrated into the government budget. A fundamental principle of Norwegian fiscal policy is the so-called budgetary rule. It states that over the course of a business cycle, the government may only spend the expected real return on the fund, estimated at 4 percent per year. This helps to gradually phase oil revenue into the economy. Spending just the return on the fund rather than eating into its capital means that the fund will also benefit future generations.