In 2017, the Government Pension Fund controlled assets surpassed a value of US$1 trillion (equal to US$190,000 per capita), about 250% of Norway's 2017 GDP. It is the largest sovereign wealth fund in the world. The fund controls about 1.3% of all listed shares in Europe, and more than 1% of all the publicly traded shares in the world. The Norwegian Central Bank operates investment offices in London, New York, and Shanghai. Guidelines implemented in 2007 allow the fund to invest up to 60% of the capital in shares (maximum of 40% prior), while the rest may be placed in bonds and real-estate. As the stock markets tumbled in September 2008, the fund was able to buy more shares at low prices. In this way, the losses incurred by the market turmoil was recuperated by November 2009.