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Swelling oil fund makes every Norwegian a 'millionaire'

Published on Mar 1, 2014 3:10 AM

OSLO (AFP) - A bumper 2013 for Norway's sovereign wealth fund, which invests surplus oil revenue, has made every Norwegian a virtual millionaire in kroner.

After posting its second best year, Norway's so-called "oil fund" - the world's largest - signalled a shift away from fossil fuels, notably over environmental concerns.

The fund's market value rose US$200 billion last year to top 5 trillion kroner, according to figures released by the central bank on Friday.

That almost makes every single one of the Nordic country's 5.1 million inhabitants a millionaire in the local currency (S$211,300), at least on paper.

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