Donald Trump has ordered the creation of an American sovereign wealth fund. There are many reasons why America doesn’t need one - and can’t afford one.
Some argue the new mandate for the taxpayer-owned Future Fund won’t change that much. But if that’s the case,then why do it?
Norway’s is famously huge. Qatar used its to buy Harrods. How do sovereign wealth funds work? And why isn’t ours as big as Norway’s?