Jens Stoltenberg: How Norway Built the World’s Largest Fund
From In Good Company with Nicolai Tangen by Norges Bank Investment Management
June 10, 2026 · 28 min · Season 1 · Episode 257
About this episode
Jens Stoltenberg discusses the development of Norway's sovereign wealth fund and its implications for the future.
If anyone can tell the story of how Norway built the world's largest sovereign wealth fund, it's Jens Stoltenberg. As the fund marks its 30th anniversary, Nicolai Tangen sits down with Norway's Finance Minister and former NATO Secretary General to trace the decisions that turned oil revenues into $2 trillion in national savings. They discuss why Britain and Norway diverged so dramatically despite producing similar volumes of oil, the thinking behind the spending rule, and the risk of complacency when wealth feels guaranteed. Stoltenberg also explains his reasoning behind suspending the ethics council, the paradox of excluding defence companies Norway itself purchases from, and what he believes will matter most for the fund in the next 30 years. Tune in! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New full episodes every Wednesday, and don't miss our Highlight episodes every Friday. The production team for this episode includes Isabelle Karlsson, Halvor Njerve and PLAN-B's Niklas Figenschau Johansen. Background research was conducted by Une Solheim. Watch the episode on YouTube: Norges Bank Investment Management…
People in this episode
Host: Nicolai Tangen
Guest: Jens Stoltenberg
Topics covered
- sovereign wealth fund
- oil revenues
- financial management
- Norway
- Jens Stoltenberg
- Nicolai Tangen
- economic policy
Keywords
- sovereign wealth fund
- Norway
- Jens Stoltenberg
- oil revenues
- Nicolai Tangen
- financial policy
- ethics council
- defense companies
Mentioned in this episode
Organizations: Norges Bank Investment Management, NATO
Places: Norway, Britain
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