Norway’s sovereign wealth fund, the largest globally, reported a profit of 2.5 trillion kroner (US$222.4 billion) for 2024.

This surpassed its previous record of 2.22 trillion kroner (US$196.6 billion) from 2023, driven by strong stock market performance, particularly in technology, according to the earnings report from Norges Bank Investment Management (NBIM) released on Jan. 29.

By the end of 2024, the fund’s total value reached 19.7 trillion kroner (US$1,744 trillion), reflecting a 13% investment return, which was 45 basis points lower than its benchmark index.

NBIM CEO Nicolai Tangen said that American technology stocks contributed significantly to the growth.