While everyone watches the stock market, Norway built a $1.7...
Kintsugi Investing@kintsugiinvest
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Feb 07, 2025
~3 min read
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While everyone watches the stock market, Norway built a $1.7 trillion war chest.
A sovereign wealth fund (SWF) so powerful it could pay every citizen $300,000—in cash.
And the U.S. is finally waking up…
How SWFs reshape nations—and why they matter: 🧵
A sovereign wealth fund (SWF) so powerful it could pay every citizen $300,000—in cash.
And the U.S. is finally waking up…
How SWFs reshape nations—and why they matter: 🧵
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1) A sovereign wealth fund (SWF) is a government-owned investment fund.
Instead of hoarding cash, a country invests its surplus money into stocks, real estate, and global companies.
Norway’s SWF is the largest in the world.
But not all SWFs are built from oil.
Instead of hoarding cash, a country invests its surplus money into stocks, real estate, and global companies.
Norway’s SWF is the largest in the world.
But not all SWFs are built from oil.
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2) Most people think sovereign wealth funds need natural resources like oil or gas.
Not true.
• Norway—oil profits
• Saudi Arabia—oil & gas
• China—foreign exchange reserves
• Singapore—trade & government surpluses
Let’s break it down.
Not true.
• Norway—oil profits
• Saudi Arabia—oil & gas
• China—foreign exchange reserves
• Singapore—trade & government surpluses
Let’s break it down.
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3) In 1969, Norway struck oil in the North Sea.
By the 1990s, it was producing 3 million barrels a day.
Most countries spend oil money immediately.
Norway did something different.
They created the Government Pension Fund Global (GPFG) in 1996.
By the 1990s, it was producing 3 million barrels a day.
Most countries spend oil money immediately.
Norway did something different.
They created the Government Pension Fund Global (GPFG) in 1996.
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4) The rule was simple: Save the oil money. Invest it. Grow it.
Every year, Norway takes 100% of its oil profits and invests them globally.
They own:
• 1.5% of all public stocks in the world
• Real estate in New York, Paris, London
• Stakes in Apple, Microsoft, and Tesla
Every year, Norway takes 100% of its oil profits and invests them globally.
They own:
• 1.5% of all public stocks in the world
• Real estate in New York, Paris, London
• Stakes in Apple, Microsoft, and Tesla
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5) But oil isn’t the only way to build an SWF.
Singapore had zero natural resources.
Yet today, Temasek Holdings & GIC manage over $1.3 trillion.
How?
By reinvesting trade profits and budget surpluses into global markets.
Singapore had zero natural resources.
Yet today, Temasek Holdings & GIC manage over $1.3 trillion.
How?
By reinvesting trade profits and budget surpluses into global markets.
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6) Singapore started with entrepôt trade—buying and selling goods as a key port in Asia.
Profits were saved, not spent.
In 1981, Singapore launched GIC to invest excess reserves.
In 1974, they created Temasek Holdings to manage government-linked companies.
Profits were saved, not spent.
In 1981, Singapore launched GIC to invest excess reserves.
In 1974, they created Temasek Holdings to manage government-linked companies.
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7) Today, Singapore’s sovereign wealth funds own:
• Major banks like DBS
• Global logistics & real estate
• Tech giants like Alibaba & NVIDIA
And they built all this without a drop of oil.
• Major banks like DBS
• Global logistics & real estate
• Tech giants like Alibaba & NVIDIA
And they built all this without a drop of oil.
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8) SWFs aren’t just about saving money—they shape global influence:
• China secures tech & rare minerals
• Saudi Arabia funds real estate & AI
• Norway influences corporate governance
This is soft power—without military force.
• China secures tech & rare minerals
• Saudi Arabia funds real estate & AI
• Norway influences corporate governance
This is soft power—without military force.
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9) If the U.S. started a sovereign wealth fund today, it could:
• Invest oil & gas profits instead of spending them
• Fund AI, medical research, and infrastructure
• Generate trillions for future generations
So the Fed won’t just need to print money and raise debt ceilings.
• Invest oil & gas profits instead of spending them
• Fund AI, medical research, and infrastructure
• Generate trillions for future generations
So the Fed won’t just need to print money and raise debt ceilings.
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10) Norway proves this works.
Singapore proves you don’t need oil to do it.
Meanwhile, the U.S. economy runs on $34 trillion in debt.
The question isn’t if America needs a sovereign wealth fund.
It’s why they don’t already have one.
Singapore proves you don’t need oil to do it.
Meanwhile, the U.S. economy runs on $34 trillion in debt.
The question isn’t if America needs a sovereign wealth fund.
It’s why they don’t already have one.
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11) Want to see how sovereign wealth funds shape the world?
Watch Norway.
Watch China.
And now, watch the U.S.
Because if America gets this right, it could be the biggest financial shift of the century.
Watch Norway.
Watch China.
And now, watch the U.S.
Because if America gets this right, it could be the biggest financial shift of the century.
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We're Zee and @thehowietan:
• Financially free investors
• Co-founders of Kintsugi Investing
• Helping you build & repair your portfolio
Follow @kintsugiinvest for our insights.
Like & Repost to empower others in their financial journey!
x.com/kintsugiinvest…
• Financially free investors
• Co-founders of Kintsugi Investing
• Helping you build & repair your portfolio
Follow @kintsugiinvest for our insights.
Like & Repost to empower others in their financial journey!
x.com/kintsugiinvest…