Norway’s Oil Fund Is Worth 22.7 Trillion Kroner. Why Doesn’t It Spend It?

Norway turns finite oil wealth into a global public portfolio instead of spending the windfall all at once. NBIM reported a 22,683 billion kroner value at the end of the first half of 2026; the 2026 budget proposal planned NOK 579.4 billion of fund spending, about 2.8% of the fund’s value.