Norway Earned €36,000 Per Resident in 2025

Norway’s sovereign wealth fund posts massive gains

In 2025, Norway’s Government Pension Fund Global, commonly known as the oil fund, recorded gains of approximately €206 billion.

Spread across the country’s 5.65 million residents, this equals roughly €36,500 per person for the year. However, no direct payments were made to citizens. The money remains inside the fund, which has become one of the world’s largest sovereign investors.

By the end of 2025, the fund’s total value reached about €1.858 trillion — more than four times Norway’s annual GDP.

Turning oil revenues into long-term capital

The fund was established in 1990 following major oil discoveries in the North Sea. Norwegian policymakers chose to invest surplus petroleum revenues abroad rather than spend them domestically.

The strategy aimed to convert finite natural resource wealth into a diversified global investment portfolio capable of supporting future generations.

Today, the fund owns stakes in more than 9,000 companies worldwide, representing about 1.5% of all listed companies globally. It avoids controlling stakes, operating instead as a broad, diversified portfolio investor.

Portfolio structure and 2025 performance

Over 71% of the portfolio is invested in equities, which delivered a 19.3% return in 2025. The fund holds significant positions in major US technology firms such as Apple, Microsoft, Nvidia, Amazon, Alphabet and Meta.

Bonds account for around 26.5% of the portfolio and generated a 5.4% return. Unlisted real estate represents about 1.7% of assets with a 4.4% return. Investments in unlisted renewable energy projects, while still a small allocation, delivered an 18.1% return in 2025.

Why citizens cannot withdraw their share

Dividing the fund’s total value by the population results in roughly €329,000 per resident, including newborns. Yet individuals do not hold personal accounts or direct ownership stakes.

The fund is owned collectively by the state on behalf of current and future generations. Under Norway’s fiscal rule, only a small share of the fund’s expected long-term return can be transferred annually to the national budget.

These transfers help finance public services, pensions and social welfare while preserving the capital base for decades to come.

Long-term discipline over short-term payouts

Direct distribution of annual gains would be politically attractive but economically risky. Injecting hundreds of billions into a relatively small economy could fuel inflation, push up housing prices and strengthen the currency.

Norway’s model emphasises intergenerational equity, ensuring that oil wealth benefits not only today’s citizens but also those born decades in the future.

As International Investment experts report, Norway’s sovereign wealth strategy remains a benchmark for resource-rich nations. However, long-term sustainability will depend on global market performance, technological shifts and the evolving dynamics of the post-oil global economy.