Norway's oil fund is worth about $400,000 for every citizen, and most of it is investment profit, not oil money.

Norway's sovereign wealth fund, 1998 to 2026, in US dollars. The solid line is the fund's value, now about $2.2 trillion; the dashed line is the oil money paid in, net of what the state has spent. The gap, roughly $1.6 trillion, is investment returns.

Why this is happening

Norway struck oil and gas and decided not to spend the windfall. Since the 1990s the revenue has gone into the fund, not the annual budget.
The fund invests all of it abroad, in stocks, bonds and property, and now owns roughly 1.5% of every listed company on earth. Those returns, not fresh oil, are now most of its value.
A strict rule lets the government spend only the fund's expected return, about 3% a year, so the capital keeps compounding.

The take

This is what a country does with a windfall when it refuses to blow it. Most petro-states spent theirs; Norway banked it and let it compound, and the investment gains have now outgrown all the oil money it ever paid in. Every citizen is a part-owner of the world, worth about $400,000.

Source: Norges Bank Investment Management (2026)