Riding the AI bull market in US stocks! Norway's sovereign wealth fund surpasses $2 trillion, with heavy holdings in Apple and NVIDIA, giving citizens "$390,000 per capita"

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Getting rich by investing in US stocks! The world's largest sovereign wealth fund, the Government Pension Fund Global (GPFG) of Norway, saw its assets surpass the $2 trillion mark in May 2026. Norway invested its historical North Sea oil revenues into the global stock market, with heavy positions in US tech giants like NVIDIA and Apple, perfectly capturing the dividends of the AI bull market. Remarkably, more than half of the fund's current value comes from "pure investment returns," pushing the theoretical per capita net worth of Norway's 5.6 million citizens to over $390,000 (approximately 12.6 million TWD), making it arguably the most powerful national-level investment strategy on the planet. (Previous coverage: Norway's GPFG increased its Bitcoin exposure by 83% in Q2, indirectly holding 11,400 BTC through heavy purchases of MicroStrategy and Metaplanet.) (Background: A small Norwegian town ordered a Bitcoin mine to shut down due to noise, only to find electricity bills for residents rose by 20%?) Resource-rich countries often fall into the "resource curse" of economic overheating and inflation, but the Nordic nation of Norway has not only successfully avoided this trap but has also made a fortune in the Wall Street stock market through precise investment vision. According to the latest statistics, as of May 2026, the Government Pension Fund Global (GPFG), managed by Norges Bank Investment Management (NBIM), has officially seen its assets exceed $2 trillion to $2.2 trillion (approximately 21.3 trillion NOK), firmly holding its position as the world's largest sovereign wealth fund. Heavy positions in US tech giants, perfectly harvesting the AI boom The explosive growth of this massive mountain of wealth is largely credited to the "AI bull market in US stocks." The investment strategy of the Norwegian sovereign fund is highly diversified yet disciplined, with 71.3% of its assets invested in global equities. Within this vast stock portfolio, the US market holds absolute dominance. Data shows that the fund delivered an impressive overall return of +15.1% in 2025 (with the equity portion reaching +19.3%), driven primarily by optimistic expectations for AI chips and large-cap tech stocks. As of the end of 2025, the fund's "top three holdings" were all US tech behemoths leading the global AI wave: - NVIDIA: Holding value of approximately 574 billion NOK (ranked first) - Apple: Holding value of approximately 497 billion NOK - Microsoft: Holding value of approximately 459 billion NOK Following closely are companies such as Alphabet (Google's parent company) and Amazon. By passively holding these tech giants for the long term, Norway has captured almost the entire massive capital dividend driven by generative AI over the past few years. Investment performance far exceeds "selling oil," national net worth skyrockets The Norwegian sovereign fund was established in the 1990s, with its initial capital coming entirely from North Sea oil and gas surpluses. However, after thirty years of compounding, this "black gold" has been completely transformed. Since 1998, the fund's long-term annualized return has reached 6.64%. More significantly, out of the total value of over 21 trillion NOK in assets, pure investment gains (approximately 13.4 trillion NOK) have far exceeded the principal actually injected by the government (approximately 5.4 trillion NOK). This means that Norway is no longer just getting rich by selling oil, but by expanding national wealth through powerful capital operations where "money makes money." If this $2 trillion fortune were divided equally among Norway's total population of approximately 5.6 million, it would mean each Norwegian citizen theoretically possesses an astonishing net worth of $350,000 to $390,000 (approximately 11.3 million to 12.6 million TWD). Of course, to maintain the sustainability of the fund, the Norwegian government strictly stipulates that only about 3% of the expected returns can be allocated to the national public budget each year, ensuring that this "goose that lays the golden eggs" continues to benefit future generations.

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