Norway knocks off Abu Dhabi in having the world’s richest sovereign fund

Norway beats Abu Dhabi in having the world’s richest sovereign wealth fund, data released by the Sovereign Wealth Fund Institute showed.

Norway’s Government Pension Fund stood strong at $656.2 billion in October while Abu Dhabi Investment Authority’s assets held a total of $627 billion.

ADIA’s long-term returns went down slightly over the turnout of events last year while the country was in the shadow of a slow global economic growth, the institute’s report said.

“As a long-term investor, we see ourselves and others with similar investment horizons as providers of this necessary capital, with the advantage of patience and the ability to ride out dips in the economic cycle,” Dubai-based website, Arabian Business quoted Sheikh Hamed Bin Zayed Al Nahyan, ADIA’s managing director, as saying.

In June, about one third of the world’s top 20 investment funds estimated at $1.873.5 billion worth of assets were Middle East-based, the report added.