Essentially everything. On average they own 1.5 percent of all listed companies.
This page says thay have about 1.1 Trillion dollars in Equities (after converting from NOK):
https://www.nbim.no/en/investments/all-investments/#/
Which is about 1% of the total global market cap of about 109 Trillion or so.
The other investments aren't stocks.
USA has 60x the population of Norway. So the American equivalent would be rich enough to own… 90% of all listed companies in the world!
That’s just a provocative thought experiment. But it highlights the stark difference between how nations allocate their wealth. Some have centibillionaire oligarchs and airplane carriers and space programs, others have well-managed sovereign wealth funds and universal healthcare.
Have you met people? Have you worked for the US govt or large enterprise? My gut tells me this would be a huge misallocation of funds and destructive to business if it were to be replicated in the US.
Indeed America now has "innovators capable of making humanity multi-planetary" (whom some would call egoistic oligarchs) + mostly shit government (and politicians who want to keep it that way).
Could it have taken a different path in the past to instead have well-managed national wealth and less dick-shaped chrome rockets? Would that still be possible?