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Visualizing the World’s Largest Sovereign Wealth Fund

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See this visualization first on the Voronoi app.

Visualizing the World's Largest Sovereign Wealth Fund />

The World’s Largest Sovereign Wealth Fund

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Norway is home to the biggest sovereign wealth fund globally, valued at nearly $1.4 trillion.

In 2023, the fund posted record profits, bolstered by tech holdings that include Microsoft, Apple, and Nvidia. Originating in 1996, the fund was created to invest surplus earnings from its massive energy sector—where it ranks as the fourth-largest exporter of natural gas in the world.

This graphic breaks down the portfolio of Norway’s sovereign wealth fund, based on data from Global SWF.

Portfolio Breakdown of Norway’s Sovereign Wealth Fund

Here’s how the fund, Norges Bank Investment Management, invests its portfolio according to asset type:

Asset ClassValuePercentage of Portfolio
Fixed Income$374B27.1%
Equities$973B70.5%
Real Estate$30B2.2%
Infrastructure$3B0.2%

Infrastructure holdings as of Sept 2023. Fixed income and equity holdings as of June 2023. Real estate holdings as of Dec 2022.

As we can see, the majority of the fund is invested in equities, with a 70.5% share of the portfolio.

Overall, the fund invests in 9,000 companies worldwide, with the highest exposure across North American firms. As the table below shows, the top five holdings in the portfolio are heavily concentrated in the tech sector:

EquitiesValue
Apple$33B
Microsoft$31B
Alphabet$16B
Amazon$14B
Nvidia$12B

Apple is the portfolio’s largest equity holding, worth $33 billion. Last year, the tech giant witnessed 45% returns.

The next largest asset type is fixed income, which makes up 27.1% of the portfolio. The greatest share is held in government bonds, but the fund also invests a portion in debt issued from the corporate sector. Here are the top fixed income holdings across the portfolio:

Fixed IncomeValue
U.S. Treasuries$103B
Japanese Treasuries$33B
German Treasuries$17B
UK Treasuries$12B
French Treasuries$11B

In addition to equities and fixed income, the fund invests in real estate and infrastructure.

This covers 890 investments globally which are found mainly in office and retail sectors. In fact, between 2012 and 2022, these investments have grown over eightfold to $33 billion—which include a 25% ownership in London’s Regent Street, one of the city’s busiest shopping districts with over 7.5 million visitors annually.

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U.S. Debt Interest Payments Reach $1 Trillion

U.S. debt interest payments have surged past the $1 trillion dollar mark, amid high interest rates and an ever-expanding debt burden.

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This line chart shows U.S. debt interest payments over modern history.

U.S. Debt Interest Payments Reach $1 Trillion

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, driven by high interest rates and a record $34 trillion mountain of debt.

Over the last decade, U.S. debt interest payments have more than doubled amid vast government spending during the pandemic crisis. As debt payments continue to soar, the Congressional Budget Office (CBO) reported that debt servicing costs surpassed defense spending for the first time ever this year.

This graphic shows the sharp rise in U.S. debt payments, based on data from the Federal Reserve.

A $1 Trillion Interest Bill, and Growing

Below, we show how U.S. debt interest payments have risen at a faster pace than at another time in modern history:

DateInterest PaymentsU.S. National Debt
2023$1.0T$34.0T
2022$830B$31.4T
2021$612B$29.6T
2020$518B$27.7T
2019$564B$23.2T
2018$571B$22.0T
2017$493B$20.5T
2016$460B$20.0T
2015$435B$18.9T
2014$442B$18.1T
2013$425B$17.2T
2012$417B$16.4T
2011$433B$15.2T
2010$400B$14.0T
2009$354B$12.3T
2008$380B$10.7T
2007$414B$9.2T
2006$387B$8.7T
2005$355B$8.2T
2004$318B$7.6T
2003$294B$7.0T
2002$298B$6.4T
2001$318B$5.9T
2000$353B$5.7T
1999$353B$5.8T
1998$360B$5.6T
1997$368B$5.5T
1996$362B$5.3T
1995$357B$5.0T
1994$334B$4.8T
1993$311B$4.5T
1992$306B$4.2T
1991$308B$3.8T
1990$298B$3.4T
1989$275B$3.0T
1988$254B$2.7T
1987$240B$2.4T
1986$225B$2.2T
1985$219B$1.9T
1984$205B$1.7T
1983$176B$1.4T
1982$157B$1.2T
1981$142B$1.0T
1980$113B$930.2B
1979$96B$845.1B
1978$84B$789.2B
1977$69B$718.9B
1976$61B$653.5B
1975$55B$576.6B
1974$50B$492.7B
1973$45B$469.1B
1972$39B$448.5B
1971$36B$424.1B
1970$35B$389.2B
1969$30B$368.2B
1968$25B$358.0B
1967$23B$344.7B
1966$21B$329.3B

Interest payments represent seasonally adjusted annual rate at the end of Q4.

At current rates, the U.S. national debt is growing by a remarkable $1 trillion about every 100 days, equal to roughly $3.6 trillion per year.

As the national debt has ballooned, debt payments even exceeded Medicaid outlays in 2023—one of the government’s largest expenditures. On average, the U.S. spent more than $2 billion per day on interest costs last year. Going further, the U.S. government is projected to spend a historic $12.4 trillion on interest payments over the next decade, averaging about $37,100 per American.

Exacerbating matters is that the U.S. is running a steep deficit, which stood at $1.1 trillion for the first six months of fiscal 2024. This has accelerated due to the 43% increase in debt servicing costs along with a $31 billion dollar increase in defense spending from a year earlier. Additionally, a $30 billion increase in funding for the Federal Deposit Insurance Corporation in light of the regional banking crisis last year was a major contributor to the deficit increase.

Overall, the CBO forecasts that roughly 75% of the federal deficit’s increase will be due to interest costs by 2034.

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