Nicolai Tangen, the manager of Norway's Oil Fund, earned 7.6 million NOK in 2025, a slight increase from the previous year, but still less than his peers heading equity investments.
Nicolai Tangen, the head of Norway's Oil Fund (or Oljefondet), reported an income of 7.6 million NOK for the year 2025, reflecting a modest rise from 7.4 million NOK in 2024. The announcement was made alongside annual reports from both the Oil Fund and Norges Bank, shedding light on compensation trends within the organization. Despite his significant earnings, Tangen does not rank as the highest-paid executive within the fund's leadership team; that title belongs to Daniel Balthasar and Pedro Furtado Reis, who earn a fixed salary of 13.4 million NOK plus additional performance bonuses.
Furthermore, the annual reports reveal inconsistencies regarding Tangen's reported salary, with figures of 7.6 million and 7.17 million NOK appearing in different tables, leading to queries for clarification from journalists. According to Norges Bank’s report, the central bank chief, Ida Wolden Bache, saw her earnings rise to 2.86 million NOK, an increase from previous earnings of 2.56 million NOK in 2024. The variances in reported figures for Tangen highlight the need for clear communication within financial institutions regarding compensation.
