How Oil Turned Every Norwegian Into a Theoretical Millionaire
The publicly held and managed wealth generated by Norway’s taxation of oil and gas extraction now equates to one million Crowns (about $162,000 USD) per capita. Norwegian law only allows the government to draw minimally from this fund every year.
“Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices,” reports Alister Doyle.
“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.”
"'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,’ said Oeystein Doerum, chief economist at DNB Markets.”
Published on Wednesday, January 8, 2014 in
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