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All Norwegians become crown millionaires, in oil saving landmark
Investments from oil revenue has effectively made every Norwegian a millionaire according to this article.
FTA: 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.
They appear to be wisely investing a lot of this windfall, unlike some other countries that would likely just blow it on spending.
Norway has been very lucky in terms of natural resources, it had more than twice the North Sea Oil and Gas reserves we had in the UK. However in the future oil in the North Sea is set to become ever harder to extract, and the long term future of oil has also been cast in to doubt, as new cleaner fuels are seeing investment.
Norway has been very lucky in terms of natural resources, it had more than twice the North Sea Oil and Gas reserves we had in the UK. However in the future oil in the North Sea is set to become ever harder to extract, and the long term future of oil has also been cast in to doubt, as new cleaner fuels are seeing investment.
Lucky?
Unlike other countries that had the kind of same luck they have invested and invested the revenues they got from Oil sources.
Their belief is that the revenues is not theirs to spend but to creat wealth for future generations, hence the biggest wealth fund in the world which has been a result of the investing of those revenues year after year in all kinds of investment vehicles
All Norwegians become crown millionaires, in oil saving landmark
Investments from oil revenue has effectively made every Norwegian a millionaire according to this article.
FTA: 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.
They appear to be wisely investing a lot of this windfall, unlike some other countries that would likely just blow it on spending.
Note - a crown millionaire. 1 USD = 6.19 NOK, so in dollar terms they're 160-thousandaires, approximately. Not that they can actually spend any of that money, unless they're eligible for benefits or subsidies.
Note - a crown millionaire. 1 USD = 6.19 NOK, so in dollar terms they're 160-thousandaires, approximately. Not that they can actually spend any of that money, unless they're eligible for benefits or subsidies.
Oops. Guess I should have noted the difference. Still quite a tidy sum, but not as much as I thought.
Unlike Norway, after new taxes France will become a land without millionaires soon.
To conclude, you are absolutely not a millionnaire to say it.
France is a tax haven for millionnaires. I personally will never leave France and Paris even if taxes increase a lot.
This link posts a less rosy financial picture of Norway's citizens whose debt loads are now 200% of that country's GDP, which is higher than consumer debt levels in the U.S. Who knew I'd actually agree with Paul Krugman?
This link posts a less rosy financial picture of Norway's citizens whose debt loads are now 200% of that country's GDP, which is higher than consumer debt levels in the U.S. Who knew I'd actually agree with Paul Krugman?
I think you may have misread your own cite. From your link:
Quote:
In Denmark, consumers owe their creditors 321percent of disposable incomes, a world record that the Paris-based OECD said in
November demands a policy response. In Sweden, debt by that measure is close to180 percent, a level the government and central bank say can’t be allowed to
rise. Norway’s central bank has struggled to find a policy mix that addresses its 200 percent private debt burden.
200 % of disposable income is not at all the same as 200 % of GDP!
200 % of your income after taxes is a fairly low mortgage debt.
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