The figures from Norway are dizzying and may make people envious at Bercy where senior officials are racking their brains to find 25 billion euros in savings next year. While, according to figures from the Court of Auditors, the French budget accumulated, each quarter of last year, a deficit of 43 billion euros on average, during the first quarter of 2024 alone, the fund Norwegian sovereign, he received a capital gain of 100 billion euros.
This nest egg supposed to ensure the future expenditure of the generous welfare state of the Scandinavian kingdom has been fueled since 1996 by its abundant oil and gas revenues. A quarter of this treasure is invested in bonds and marginally in real estate.
The biggest investor in the world
On these two types of investments, the oil fund recorded losses of 0.4% and 0.5%. But almost three-quarters (72%) of this “thirst pear” are invested in stocks. And the excellent stock market performance of technology giants helped boost its return, which exceeded 9% for shares. Oljefondet, its local name, has, over the decades, become the largest investor in the world, with shares in almost all of the world's listed companies (8,859 companies), up to an average ticket of 1 .5%.
With its latest capital gains, the Norwegian fund has accumulated, according to its official website, 1,473 billion euros. The equivalent of more than seven times the annual expenditure of the Norwegian state or enough to fill more than eight times the public deficit of France.