1.4 million kroner per Norwegian in the oil fund

Norwegian kronerNorwegian kroner.Photo: pixabay.com

Despite the oil crisis, the value of the oil fund has increased   to 1.4 million kroner per Norwegian.

The newspaper VG has measured the development of the oil fund since 2000. Then the share for a single Norwegian person was at 88,466 kroner. This year the increase was the lowest since 2011, with a growth of 63,000 kroner per person.

But despite the oil crisis,  the value of the  fund continues to increase, and the Norwegian public wealth is now at 7.420 billion kroner. This year, the estimates of the finance ministry were almost right on target, as they estimated that the oil fortune would be at at 7.449 billion.

Last year the forecasts of the Ministry “missed its mark” by a huge margin, whent the oil fund increased by 1.000 billion kroner more than expected , 1.480 billion kroner. For the last four years the increase in the shares for each Norwegian has been between 125,000 to 271,000 kroner.

Next year the state budget will get  225.6 billion kroner from the oil fund. This is an increase of 3 percent.


Source: NTB scanpix / Norway Today

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