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Norway wealth fund hits ‘milestone’ $1 trillion value

OSLO: Norway’s sovereign wealth fund, the largest in the world, on Tuesday reached the value of $1 trillion dollars for the first time, the Norwegian central bank, which manages the fund, said. This amount equals nearly $189,000 (157,000 euros) for each of the 5.3 million people living in Norway. Established in the 1990s to manage the Norwegian state’s oil revenues, the fund set the record thanks to the appreciation of the world’s major currencies against the dollar and a good stock market health. The fund mainly…