Re:Norway's wealth fund now worth $319,900 per citizen
by dyauspitr on Saturday February 01, 2025 @03:40AM
(#42896878)
That’s what you get when you have free wealth you can pump out of the ground (or ocean floor in this case). Middle eastern oil countries are very happy too with wealth shared around (for the citizens) and most costs in life covered.
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Re:Norway's wealth fund now worth $319,900 per citizen
by calmbonsai on Saturday February 01, 2025 @04:03AM
(#42896995)
I would list Norway as exceptional since every other petro-state has had generations of corruption and most have credible histories of human rights violations.
Re:Norway's wealth fund now worth $319,900 per citizen
by dyauspitr on Saturday February 01, 2025 @04:49AM
(#42897232)
They’re definitely governing well but without the oil it would all break down in a heartbeat.
Re:Norway's wealth fund now worth $319,900 per citizen
by calmbonsai on Saturday February 01, 2025 @08:48PM
(#42904793)
The fun "life-hack" is now the oil doesn't matter anymore.
Norway needed it initially, but thinks to smart conservative finance policies now they don't.
As as lovely counter example, look at all of the UAE's expenditures on attempts at "destination tourism" revenue.
UAE "invested" its money into concrete. Norway invested its money into its people.
Re:Norway's wealth fund now worth $319,900 per citizen
by jfengel on Monday February 03, 2025 @02:20PM
(#42921737)
I would note that the US, while not technically a petrostate, does get almost 10% of its economy from the fossil fuel industry.
Re:Norway's wealth fund now worth $319,900 per citizen
by nicoburns on Saturday February 01, 2025 @03:41AM
(#42896886)
Not necessarily. The UK had that too (the same north sea oil as Norway), but we failed to invest it wisely.
Re:Norway's wealth fund now worth $319,900 per citizen
by shawabawa3 on Saturday February 01, 2025 @04:01AM
(#42896992)
Norway has less than 10% the population of the UK so that oil was worth more per capita
Re:Norway's wealth fund now worth $319,900 per citizen
by tharmas on Sunday February 02, 2025 @04:40PM
(#42912111)
Thatcher used the oil revenues to pay for her cuts. That way the people didn't realise the damage her policies did to the economy. And they've been believers ever since.
Re:Norway's wealth fund now worth $319,900 per citizen
by Marazan on Saturday February 01, 2025 @03:55AM
(#42896953)
The UK had larger oil reserves than Norway and started developing them earlier. At one point in the 1980s 1 pound in every 10 of tax taken in the UK was directly from oil extraction taxes.