MORE than $1 trillion (£740 billion) – that is the value of Norway’s oil fund after years of careful investment.
Managers of the pot yesterday revealed that it has broken through the landmark barrier for the first time. The achievement is in part fuelled by changes in currency.
The news caused ripples on Scottish social media yesterday following years of SNP calls for a similar scheme to protect this country’s oil wealth for the future.
However, Westminster has repeatedly refused to adopt the policy.
Responding to the news, SNP deputy leader Angus Robertson tweeted: “Congrats Norway. Their sovereign wealth fund has topped $1 trillion. Meanwhile, UK national debt nearing £2 trillion.”
Meanwhile, former MP-turned-radio-host John Nicolson posted: “What might have been for Scotland. Alas we listened to the wrong political leaders.”
The eye-watering sum is roughly the equivalent to the economy of Mexico and amounts to about $190,000 for each one of the Nordic nation’s 5.2 million people.
Making the announcement yesterday, fund chief Yngve Slyngstad said the total had exceeded all predictions.
The country’s energy earnings are diverted into the fund to provide for the nation’s pensions and other aspects of public spending.
It owns an average of 1.3 per cent of all the world’s listed companies, with its largest holdings including Apple, Nestle, Royal Dutch Shell, Microsoft and Google owner Alphabet.
The stocks are split across more than 9,000 enterprises and the fund also holds stakes in the globe’s most elite real estate, including some in the Champs Elysee in Paris, Times Square in New York and Regent Square in London.
Last year a 6.9 per cent return worth the equivalent of $57bn (£42bn) was achieved. This is expected to rise again this year, with $63bn (£47bn) made in the first half of 2017.
Slyngstad said: “The growth in the fund’s market value has been stunning.
“I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996.”
Responding to the news, a spokesperson for the SNP told The National: “The Norwegian oil fund is exactly the way to go about using the incredible windfall of North Sea oil and gas reserves in a long-term economically sensible way to benefit everyone.
“Unfortunately the UK Treasury has not taken this approach.
“It has squandered the North Sea’s resources – year after year for decades.’’
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