Everyone in Norway became a theoretical krone millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.

Set up in 1990, the fund owns around 1 percent of the world's stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts. A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion krones ($828.66 billion), fractionally more than a million times Norway's most recent official population estimate of 5,096,300. (Read More: Norway's $815 billion oil fund faces key decisions) It was the first time it reached the equivalent of a million krones each, central bank spokesman Thomas Sevang said.

Kristian Helgesen | Bloomberg via Getty Images

Not that Norwegians will be able to access or spend the money, squirreled away for a rainy day for them and future generations. Norway has resisted the temptation to splurge all the windfall since striking oil in the North Sea in 1969. Finance Minister Siv Jensen told Reuters the fund, called the Government Pension Fund Global, had helped iron out big, unpredictable swings in oil and gas prices. Norway is the world's number seven oil exporter. "Many countries have found that temporary large revenues from natural resource exploitation produce relatively short-lived booms that are followed by difficult adjustments," she said in an email. (Read More: Norway's richest man gives chunk of fortune to charity)