Every Norwegian is Now a Millionaire (Kind Of)

There's more oil money than the country knows what to do with

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Chris Ratcliffe / Bloomberg via Getty Images

The Troll A offshore gas platform, operated by Statoil ASA, stands in the North Sea near Bergen, Norway, on Thursday, Oct. 11, 2012.

If a faint roar jolted you on Wednesday, it was probably the nation of Norway collectively whooping “kjempeflott,” as they all became millionaires.

At least they did in theory, since their wealth fund, managing the small Scandinavian country’s enormous oil fortune, surpassed the threshold of 5.097 trillion krone — or a million krone for every inhabitant. (A million krone is about $162,000.)

The prospect of supercar, champagne and fine art sales shooting through the roof is slim, however, since the fund is carefully put aside for a rainy day. Since it was established in 1990, the fund has grown to become the world’s largest, owning 1 percent of the globe’s stocks and a vast empire of real estate. Governments are only allowed to use 4 percent of it every year, however.

[Reuters]

3 comments
romano70
romano70

Interestingly, because of our economic power, we would not be able to do the same. The fund we would set up would distort the markets....

fissorevincent
fissorevincent

Should make Alaska think. Does the $4000-a-year check given to Alaskans make a good choice of policy? 

OleksandrSolodilov
OleksandrSolodilov

WHO LAYS THE GOLDEN EGGS?

The world has changed. People have changed. Lifestyle of people has changed. People's behavior changed. Actions and reactions of people on the events change. Business is changing. Only the print media do not change. They live the same way. They start to hide in online. But for the print media has come now a new era: the Golden Age for the print media. For print media came a new concept of operations and development. The concept of the print media of the 21st century. Gold business concept for the print media.

AT  THE TOP OF THE GOLDEN BUSINESS;   GOLDEN BUSINESS NEAR ;   GOLD BUSINESS TERRITORY ; DEPOSITS FOR  GOLDEN  BUSINESS.

I suggest to all of you for the discussion, for reflection and for strengthening your own position in the business of my thesis project for the restructuring of the print media on the concept of the 21st century.

1. Print media in the 21st century are a new concept that is different from the concept of the 20th century.                                                                                                                                                                                   2 . The concept of print media of the 21st century is diametrically opposed to the concept of the print media of the 20th century.                                                                                                                                                  3 . Print media of the 21st century are at least a dozen of advantages over the internet .                                    4 . Business print media of the 21st century is the gold business .                                                                               5 . Business print media of the 21st century is the " ostrich ", which lays only the golden egg.                            6. The concept of the print media of the 21st century after its introduction (with the help of my project) multiplies the demand for print media several times.

There is interest in implementing this project, dear Sirs, owners and publishers of printed media and investors?

With best regards, Aleksandr Solodilov .(Linkedin)