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The Norwegian sovereign wealth fund holds $905 billion in investments, so thats around $177,000 per Norwegian. Similarly, UAE also has wealth funds holding HUGE number of investments coming up to $105,000 per Emirati resident. This allows the Gulf country to not impose an Income tax on its residents whereas, despite the fact they have significantly more, Norway still does. In fact it taxes more than countries with almost nothing in investments. why is this ?
That ^^, and the fact that life in Norway is much more expensive than in the Gulf countries, and the Norwegian gov't provides a lot more services to the citizenry than the Gulf countries do, I would imagine. There's support for the disabled, for mothers, there's maternal and paternal leave for new parents, strong unemployment insurance, in addition to the usual; free healthcare, free education through university, etc.
That ^^, and the fact that life in Norway is much more expensive than in the Gulf countries, and the Norwegian gov't provides a lot more services to the citizenry than the Gulf countries do, I would imagine. There's support for the disabled, for mothers, there's maternal and paternal leave for new parents, strong unemployment insurance, in addition to the usual; free healthcare, free education through university, etc.
And their private sector debt load is a growing concern
That ^^, and the fact that life in Norway is much more expensive than in the Gulf countries, and the Norwegian gov't provides a lot more services to the citizenry than the Gulf countries do, I would imagine. There's support for the disabled, for mothers, there's maternal and paternal leave for new parents, strong unemployment insurance, in addition to the usual; free healthcare, free education through university, etc.
despite all the free stuff they give, they should still have a lower top income tax bracket. i mean, they still tax at almost 54%. VAT is 25% too. that's ALOT. the Gulf countries still spend a fair bit on policing, health care, etc.. they're not as socialist as Norway, but they still provide for the nation without straining the wealth fund growth. i still think 54% is a bit greedy... 20% would make more sense.
Keep in mind they only have about 5,000,000 people to support with those funds.
That $905 billion wouldn't go anywhere trying to support 320,000,000 like we have here in the US. Think how fun things will be here in the US when we have over a billion people like China and India! We'll have poverty on the same scale pretty much.
Keep in mind they only have about 5,000,000 people to support with those funds.
That $905 billion wouldn't go anywhere trying to support 320,000,000 like we have here in the US. Think how fun things will be here in the US when we have over a billion people like China and India! We'll have poverty on the same scale pretty much.
and our country is a lot bigger and has/had a lot more gas/oil.
Scaling the two, it'd just mean a much larger bank account for the US.
Instead, the US fund goes to shareholders of US energy companies.
Norway has the 4th highest per capita GDP in the world. They are comparatively rich. They have a small, heterogeneous population and low immigration. Small defense. Lots of things are easy to do when you are rich.
20%, did you just pull that number out of nowhere?
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