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Norway’s Government Pension Fund Global (GPFG) was worth NOK 21,268 billion at 31 December 2025. It is not directly comparable with Singapore’s GIC or Abu Dhabi Investment Authority (ADIA) by a single “bigger” or “better” score: the funds have different mandates, reporting calendars and return measures. GPFG reported a one-year 2025 return, while GIC and ADIA publish long-term annualised returns.
What Norway’s sovereign wealth fund is—and who manages it
Norway’s Government Pension Fund Global is commonly called the “oil fund,” but that is shorthand, not its formal name. Norges Bank manages the fund on behalf of Norway’s Ministry of Finance. The Ministry sets the mandate; Norges Bank invests within it. The fund is not an asset held on the central bank’s own balance sheet.
The stated investment objective is “to achieve the highest possible long-term return within the constraints laid down in the mandate from the Ministry of Finance.” This describes a long-term investment goal subject to government-set rules, not a promise of a particular return. Norges Bank Investment Management explains its role and investments; the mandate is set by the Ministry of Finance.
GPFG’s reported value, portfolio and 2025 return
At 31 December 2025, GPFG was valued at NOK 21,268 billion. Its reported allocation was 71.3% equities, 26.5% fixed income, 1.7% unlisted real estate and 0.4% unlisted renewable-energy infrastructure. These displayed, rounded percentages add to 99.9%.
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| GPFG measure | Reported figure | Period or date |
|---|---|---|
| Fund value | NOK 21,268 billion | 31 December 2025 |
| Equities | 71.3% | Portfolio allocation at 31 December 2025 |
| Fixed income | 26.5% | Portfolio allocation at 31 December 2025 |
| Unlisted real estate | 1.7% | Portfolio allocation at 31 December 2025 |
| Unlisted renewable-energy infrastructure | 0.4% | Portfolio allocation at 31 December 2025 |
| Investment return | 15.1% | Calendar year 2025, in the fund’s currency basket |
| Return in accounting terms | NOK 2,362 billion | Calendar year 2025 |
The 15.1% is a return measured in GPFG’s currency basket, which comprised 34 currencies. It was 0.28 percentage point below the fund’s benchmark. The portfolio spanned 68 countries and 41 currencies at year end. The NOK 2,362 billion accounting return is not the same thing as the fund’s value increase: its reported NOK value can also move with currency translation, market performance and capital flows. NBIM’s 2025 annual report provides the year-end figures and methodology.
How GIC and ADIA differ from Norway’s fund
GIC and ADIA are useful peers because they illustrate different sovereign-investor mandates and reporting approaches. Their figures should be read with their own dates, currencies and horizons rather than treated as equivalent snapshots of performance.
Singapore’s GIC: preserve purchasing power over the long term
GIC’s mandate is to preserve and enhance the international purchasing power of the reserves entrusted to it, by earning good long-term real returns. For the 20 years ending 31 March 2026, GIC reported an annualised nominal return of 5.6% in US dollars and an annualised real return of 3.4% after global inflation. Its accounting year ends on 31 March, unlike GPFG’s calendar-year reporting.
GIC describes a refreshed investment framework from 2026: a Strategic Portfolio represents the client’s risk appetite and long-term return expectations, while an active portfolio seeks to outperform that strategic portfolio within approved risk parameters. GIC’s 2026 annual report sets out its mandate, framework and long-term return figures.
Abu Dhabi Investment Authority: strategic ranges and long-term returns
ADIA describes its mission as sustaining Abu Dhabi’s long-term prosperity by prudently growing capital. Its 2025 review presents long-term strategic allocation ranges, not a comparable point-in-time portfolio breakdown. The geographic ranges are North America 45–60%, Europe 15–30%, emerging markets 10–20% and developed Asia 5–10%. ADIA notes that these ranges can fluctuate and do not total 100%, so they should not be mistaken for current weights.
At 31 December 2025, ADIA reported annualised point-to-point returns of 6.6% over 20 years and 7.2% over 30 years. Its managing director’s letter says the figures are time-weighted and based on underlying audited financial data. ADIA’s 2025 annual review describes its strategy and performance reporting.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why these returns do not identify a winner
GPFG’s 15.1% is a one-year return for 2025 in a currency basket. GIC’s 5.6% nominal and 3.4% real figures are annualised over 20 years in US dollars, ending 31 March 2026. ADIA’s 6.6% and 7.2% figures are annualised over 20 and 30 years, respectively, ending 31 December 2025. Comparing those numbers as if they were the same contest would mix different horizons, currencies and nominal-versus-real measures.
A fair return comparison needs a common time horizon, currency, fee basis and method—plus clarity on whether the returns are nominal or adjusted for inflation. The published figures above help explain each fund’s reporting, but do not establish a like-for-like league table.
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Can you say which national fund is biggest?
GPFG’s reported NOK 21,268 billion value at 31 December 2025 is a clear official figure for Norway. These data do not establish current, consistently measured asset values for all major national funds, so they cannot support a comprehensive size ranking. A credible ranking would need official figures for a defined peer set on the same valuation date, converted into a common currency, with a clear account of what assets each figure includes.
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