The World Cup for the Norwegian team has ended, and Haaland could not lead the team to champion, but many people do not know that, outside of football, Norway is becoming a winner in another game.

The protagonist of this game is not a player, but a fund managing over 2 trillion dollars in assets—Norway's Government Pension Fund Global.

As of now, this fund has reached a scale of 22143 billion Norwegian kroner, equivalent to more than 20 trillion dollars.

The most astounding fact is that more than half of this enormous asset comes from investment income.

The total accumulated investment income of the fund has reached 13457 billion Norwegian kroner, and it has become the main source of wealth growth in Norway.

What does this mean for a small country with a population of only over 5 million? If distributed evenly, the assets corresponding to each Norwegian person are nearly 400,000 dollars.

But who would have thought that Norway was just a small Nordic country barely surviving on fishing and logging decades ago?

From Oil to Investment

After World War II, Norway's economy was long weaker than Sweden and Denmark. The discovery of large oil and gas fields in the North Sea in 1969 completely rewrote the nation's development trajectory, generating cumulative oil and gas export revenues of over 1.6 trillion dollars over several decades.

Unlike resource-rich countries that overdraft dividends, Norway established the oil fund in 1990 to convert fossil resources into long-term appreciating financial assets.

The first funds were recorded in 1996, with an initial scale of only several billion dollars. In 1998, NBIM was established to focus on global investments.

The fund gradually increased its allocations from pure bond investments to stocks. By the end of 2025, the total scale is estimated to be around 20 trillion dollars, with an asset allocation of 71.3% in stocks, 26.5% in fixed income, 1.7% in real estate, and 0.4% in new energy infrastructure, with investment income contributing over 60% of the assets.

As a top global institutional investor, it holds equity in 7,200 overseas companies, averaging 1.5% shareholding in publicly listed companies worldwide, with almost all leading global companies having Norwegian capital deployed.

The wave of artificial intelligence has directly opened a new cycle of wealth growth for this trillion-dollar sovereign fund.

Norway's Global Investment Landscape

According to the latest disclosed holdings at the end of 2025, the fund's top four holdings are all core leaders in the AI industry chain, with holding values and corresponding share percentages clearly documented:

NVIDIA: Holding value of approximately 574 billion Norwegian kroner, owning 1.26% of circulating shares;

Apple: Holding value of approximately 497 billion Norwegian kroner, holding 1.23%;

Microsoft: Holding value of approximately 459 billion Norwegian kroner, holding 1.26%;

Google: Holding value of approximately 439 billion Norwegian kroner, holding 1.15%.

The Norwegian fund has not bet on a single AI company but rather has diversified across the entire AI industry track, evenly holding shares of the core industry giants to share in the long-term dividends of AI.

This balanced allocation has also made Norway one of the largest indirect beneficiaries of the AI market.

In 2025, Norway's Government Pension Fund Global achieved an annual investment return of 15.1%, with annual earnings of 236.2 billion Norwegian kroner.

Among them, the stock segment achieved a remarkable return of 19.3%, with technology stocks being the core pillar of earnings, and NVIDIA, the highest holding value, contributed the most impressive gains for the entire year.

The Fund Benefits the Citizenry

The investment income generated by the fund must be deliberated by the Norwegian Parliament before being allocated to the national annual budget for public welfare and government expenditure.

The fund's official website has a real-time data page, which is updated 24 hours a day with real-time total scale, asset allocation ratio, project profits and losses, expected returns, and all information, all data is completely open and accessible.

Public welfare covers the entire life cycle: monthly child allowances for ages 0 to 18, with increased subsidies for families with multiple children; unemployment and low-income groups can continuously receive assistance until reemployment.

Pensions after retirement, full medical coverage, and nursing costs are all covered by the state budget.

With a tiered tax system, Norway's wealth gap remains low globally: the upper limit for comprehensive tax rates for ordinary families is 22%, while the middle class has a maximum of 43%; the nominal basic tax rate for the wealthy is only 21%, but the large income base makes it the core source of tax revenue.

The law clearly stipulates that the fund belongs to all citizens and does not belong to any government term; it is strictly prohibited to use the principal and can only withdraw a portion of profits according to regulations for public welfare construction.

On the football field, Haaland is tirelessly chasing the championship trophy; in the capital markets, this small Nordic country with a population of just over 5 million has already won a decades-long marathon of wealth.

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