Good point. I quickly did a google check and UAE does have debt but could not find percentage of GDP figures or how they compare with other countries.

That list says that Norway's public debt is 52% of GDP.

(It puts the UK at 47%, and the UAE at 22%.)

A lot of that is due to the fact that a large percentage of Norwegians are homeowners, and when a 1 bedroom apartment in Oslo can easily cost more than $200,000, well, that will add up quickly.

Their government has 350 billion / 4.7 million = 74,468$ in their oil fund per person including children. So the average person would need to be holding over 100,000$ in debt (including children) for that to balance out which seems fishy to me.