*From Bloomberg News Reporters Kari Lundgren and Ott Ummelas*
In 1969, Phillips Petroleum was poised to abandon exploration of the Norwegian continental shelf when the company decided to drill one last oil well — and hit the jackpot. The discovery made Norway one of the world’s richest countries. Its sovereign wealth fund, established to invest the money, now manages about $2 trillion, equivalent to roughly $340,000 for every Norwegian.
For years, oil revenue and the wealth fund have helped this tiny nation to enjoy low unemployment, low government debt and a wide social security net guaranteeing a high standard of living.
But recently, cracks have been starting to show. Norwegians are taking much more sick leave than a decade ago, driving up costs for health services. Student test scores have worsened more than in other Scandinavian countries, and critics of the government say there are too many boondoggle tunnels and bridges to nowhere.
Amid creeping concerns that Norway is becoming bloated, unproductive and unhealthy, Norwegians have started to wonder: Can a country have too much money?
The main problem for Norway and this is shared by many European countries is that the quality of politician in government is too low. This is not to say there’s aren’t any intelligent people in politics only that the focus in politics is on group think. This is a scenario where the mediocre thrive, you never have to do anything other than affirm your values. It’s fine to seek consensus but at some point you are going to have to make a decision (ie do something) and no matter what you do it is going to attract criticism. Being able to do so requires qualities not encouraged by the political process. This is why Stoltenberg is so popular as he is a unique case who can seek consensus and also strive to act on it.
This doesn’t really make sense. The oil revenue pays good salaries and the government can use 2% of the fund each year in its budget, but the reason Norway has prospered is because it *hasn’t* used the oil fund.
I don’t know what others are experiencing, but personally I see the problem as American style working as causing the sick leave. Constant pressure and long hours. If people in the US had access to the sick leave system we do then there would far more people off sick there. The solution is to let workers decide how things run and stop employers crack the whip.
Looks like an article about the book by Holte, only half a year after every single norwegian has already made their mind up about this book.
I can kind of believe it. I’m about to enter month 2 of attempting to open a Norwegian bank account.
5 comments
*From Bloomberg News Reporters Kari Lundgren and Ott Ummelas*
In 1969, Phillips Petroleum was poised to abandon exploration of the Norwegian continental shelf when the company decided to drill one last oil well — and hit the jackpot. The discovery made Norway one of the world’s richest countries. Its sovereign wealth fund, established to invest the money, now manages about $2 trillion, equivalent to roughly $340,000 for every Norwegian.
For years, oil revenue and the wealth fund have helped this tiny nation to enjoy low unemployment, low government debt and a wide social security net guaranteeing a high standard of living.
But recently, cracks have been starting to show. Norwegians are taking much more sick leave than a decade ago, driving up costs for health services. Student test scores have worsened more than in other Scandinavian countries, and critics of the government say there are too many boondoggle tunnels and bridges to nowhere.
Amid creeping concerns that Norway is becoming bloated, unproductive and unhealthy, Norwegians have started to wonder: Can a country have too much money?
[Read the full story here.](https://www.bloomberg.com/news/articles/2025-07-25/can-a-country-be-too-rich-norway-is-finding-out-essay)
The main problem for Norway and this is shared by many European countries is that the quality of politician in government is too low. This is not to say there’s aren’t any intelligent people in politics only that the focus in politics is on group think. This is a scenario where the mediocre thrive, you never have to do anything other than affirm your values. It’s fine to seek consensus but at some point you are going to have to make a decision (ie do something) and no matter what you do it is going to attract criticism. Being able to do so requires qualities not encouraged by the political process. This is why Stoltenberg is so popular as he is a unique case who can seek consensus and also strive to act on it.
This doesn’t really make sense. The oil revenue pays good salaries and the government can use 2% of the fund each year in its budget, but the reason Norway has prospered is because it *hasn’t* used the oil fund.
Anyone who has read the wikipedia article on [Dutch disease](https://en.m.wikipedia.org/wiki/Dutch_disease) should be able to work out why.
I don’t know what others are experiencing, but personally I see the problem as American style working as causing the sick leave. Constant pressure and long hours. If people in the US had access to the sick leave system we do then there would far more people off sick there. The solution is to let workers decide how things run and stop employers crack the whip.
Looks like an article about the book by Holte, only half a year after every single norwegian has already made their mind up about this book.
I can kind of believe it. I’m about to enter month 2 of attempting to open a Norwegian bank account.
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