Nicolai Tangen, head of the world’s largest sovereign wealth fund, reveals why he prefers to invest his money elsewhere.
Holes in the budget, rising pension costs, tough austerity policies – where Germany has problems, Norway has a solution: the Oljefondet, the country’s mythical pension fund, which makes billions in profits every year. The fund has currently invested in around 9,000 companies from 72 countries. Norwegians are particularly keen to hold shares in German companies, such as almost ten percent in the housing group Vonovia and almost five percent in Bayer subsidiary Covestro. The fund’s share capital comes from the profits of the Norwegian oil business. The idea: when the oil is eventually used up, the fund can secure the country’s prosperity.
Source: Stern
