World’s Safest Money Could Go to Zero: Should Bitcoin Investors Worry?
Norway's $2 trillion wealth fund could one day be worth nothing. The warning came from Nicolai Tangen, the fund's own CEO, on Tuesday.
Tangen spoke at a political conference in Arendal, southern Norway. Markets keep climbing despite mounting risks, he said, and called that abnormal.
Norway Wealth Fund CEO Puts a Total Wipeout on the Table
The fund is Norway's national nest egg, long seen as one of the safest pools of money in global markets. It invests the country's oil and gas income in stocks, bonds, and property abroad.
On average, it owns 1.5% of every listed company on Earth, according to Norges Bank Investment Management (NBIM), which runs it.
The fund crossed $1 trillion in 2017, a milestone driven by rising global stock markets and the strengthening of major currencies against the US dollar.
It has doubled since, now covering about a quarter of Norway's public spending, up from roughly 10% a decade ago.
Tangen ran a London hedge fund, AKO Capital, before taking charge in 2020. He knows how fortunes vanish. He framed Tuesday's scenario as preparation, not prediction. Still, he refused to soften the answer.
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