In 1990 Norway established its Sovereign Wealth Fund (formally called ‘Government Pension Fund — Global’ or GPFG) to act as a financial resource for the country’s five million inhabitants. Unlike a conventional pension plan the GPFG is financially supported by the oil profits of Statoil, Norway’s publically owned petroleum company.
Assets under management approached $900 billion USD in 2014, which makes it the largest sovereign wealth fund in the world. The Fund is integrated into the central government budget which provides revenue for government services and makes the State’s use of petroleum revenues transparent. The Norwegian Parliament, the ultimate owner of the Fund, makes broad policy decisions on behalf of the Norwegian people.
Check out: The Sovereign Wealth Fund Institute’s Factsheet on Norway Government Pension Fund Global
Check out: Bruce Campbell, A Tale of Two Petro-States (Part I of III), published by the Canadian Centre for Policy Alternatives