Keep pulling the thread on Jens Stoltenberg.
Norway has a sovereign wealth fund valued at more than $2 trillion, whereas the United Kingdom has no sovereign wealth fund.
Norway established its sovereign wealth fund by implementing a 78% tax rate on the oil and gas industry and maintaining strong direct state ownership.
By Norwegian law, all revenues from oil and gas are saved and deposited into the country's sovereign wealth fund.
Norway's "golden fiscal rule," established in 2001, permits the government to withdraw only the expected real financial return from its sovereign wealth fund, which is estimated to be 3% annually.
Withdrawals from Norway's sovereign wealth fund currently finance 25% of the Norwegian state budget.
The primary reason nearly 100% of new cars sold in Norway are electric is the government's policy of removing almost all taxes on them, a measure financed by oil and gas revenues.
The Norwegian government suspended its independent Ethics Council in 2024 due to unintended consequences from its ethical guidelines, which were established in 2004.
The ethical guidelines for Norway's sovereign wealth fund have prevented it from investing in major defense companies like Lockheed Martin and Boeing, whose products Norway purchases.
The top 10 companies in the Norwegian Sovereign Wealth Fund's portfolio constitute 25% of the fund's total value.
Jens Stoltenberg believes that geopolitical unpredictability, including the war in Ukraine and conflict in the Middle East, is a primary risk to global markets and the value of Norway's sovereign wealth fund.
Norway and the United Kingdom have produced approximately the same amount of oil and gas.
The decision to invest Norway's sovereign wealth fund in equities was made in 1997.