Yes, that’s 12 zeros.
Announced Tuesday, Norway’s gigantic pension fund is now worth over $1 Trillion, with the fund’s managers attributing the gain in part to currency shifts that helped push the fund’s value over the $1 Trillion mark for the first time in history.
By comparison, that’s roughly the size of Mexico’s entire economy.
“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,” said fund chief Yngve Slyngstad in a statement.
Norway, a major oil producer, has put its energy earnings into the fund to support pensions and other government expenses.
According to CNN, the fund is one of the world’s biggest investors in stocks, owning $667 billion worth of shares in over 9,000 companies globally.
The fund’s largest holdings are Apple, Nestle, Royal Dutch Shell, Microsoft, and Google parent Alphabet, and the fund also owns a large real estate portfolio.
Norway’s fund has generated a 5.9% annual return since 1998, and in 2016, returned 6.9%. This year promises to be even more prosperous, with the fund making $63 billion in the first two quarters alone.
For the full report, see CNN Money.