Norwegian Wealth Fund posts record $164bn loss in 2022

In 2022, the loss of the Norwegian Wealth Fund (oil fund) amounted to a record $164 billion (1.64 trillion NOK). The size of the loss was affected by the military conflict between Russia and Ukraine, high inflation and rising interest rates. This is stated in statement fund.

At the end of 2022, the fund’s return was -14.1%. By December 31, 2022, the value of the fund was estimated at $1.24 trillion (12.4 trillion crowns).

“The market was affected by military operations in Europe, high inflation and rising interest rates. This negatively affected both the stock market and the bond market. All sectors on the market had negative returns, with the exception of energy,” said Nikolay Tangen, head of the fund.

The Norwegian Wealth Fund is the world’s largest public investment fund. The fund invests surplus earnings from the Norwegian oil and gas industry. He owns about 1.5% of the shares in the world. Formerly fund informed about a loss of $174 billion (1.680 billion crowns) for the first half of 2022.

Olesya Pavlenko