World’s richest: A pedestrian passes a street art mural in Stavanger, Norway. Some of the country’s 5.3 million citizens occasionally ask for their share of their sovereign wealth fund kitty, which stands at a massive US$1.3 trillion. ─ Bloomberg
NORWAY’S sovereign wealth fund, the world’s biggest, is hamstrung in competing for talent with the rest of the investment industry. As a public institution, it faces what it calls “barriers to remuneration.”
In other words, it can’t pay its stars what they would earn working at a hedge fund.
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