Theoretically Norway Is The land of millionaires
Theoretically almost everybody in Norway became a millionaire this week.
Reports said, Norway's sovereign wealth fund has "ballooned" due to high oil and gas prices meaning that every person in the country has, in theory, become very wealthy. On Wednesday, Norway's sovereign wealth fund reached a value of 5.11 trillion krones. Divide all that money up among the country's official population of 5,096,300 people, and you get more than a million krones per resident.
The wealth fund, set up in 1990, owns 1% of the world's stocks as well as numerous bonds and real estate.
Oeystein Doerum, chief economist at DNB Markets said, "The fund is a success in the sense that parliament has managed to put aside money for the future. There are many examples of countries that have not managed that." The fund, equivalent to 183% of 2013 gross domestic product, is expected to peak at 220% around 2030.
Although among one of the worlds leading seven oil exporters, Norway has sought to avoid the boom and bust cycle by investing the cash abroad, rather than at home.
Sadly the Norwegians will not be able to access or spend the money, as it is locked up for future generations.
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