OSLO, Oct 25 (Reuters) - The value of Norway’s sovereign wealth fund, the world’s largest, hit a record 10 trillion Norwegian crowns ($1.09 trillion) on Friday, boosted by rising global stocks and strength of the euro and dollar.
The fund reached the milestone at a time when its government regulators grapple with strategy changes, including how to handle climate risk and a proposed large-scale shift of investments into the United States.
Built since 1996 to save petroleum revenues for future generations, the size of the fund has grown to almost three times that of Norway’s annual gross domestic product, far exceeding original projections.
A live update on the fund’s website showed the Government Pension Fund Global’s value at 10 trillion Norwegian crowns at 0857 GMT, corresponding to more than $200,000 for every man, woman and child in Norway. ($1 = 9.1570 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)