Skip to comments.Norway can claim the most millionaires in the world
Posted on 07/11/2007 2:45:34 PM PDT by tomjohn77
Norway has more millionaires, measured in US dollars, than any other country in the world in terms of its size.
Crowded boat marinas, like here in Oslo, are just one illustration of Norwegians' increasing wealth.
The exclusive residential areas of Bygdøy and Frogner in Oslo are accessible for more Norwegians, sending real estate prices up even higher.
No other country has more dollar-millionaires per capita than Norway, Roger Gullqvist of Paris-based consulting firm CapGemini told newspaper Finansavisen.
A new study compiled by CapGemini and Merrill Lynch showed that one out of every 86 Norwegians has more than USD 1 million (about NOK 5.8 million at current exchange rates) in net worth even when the net value of their primary residences is excluded.
"When viewed in relation to the size of the population (around 4.6 million in Norway), there’s no other country that matches that level," Gullqvist said.
Norway also has the largest number of dollar-millionaires of all the Nordic countries, which includes the three Scandinavian countries of Norway, Denmark and Sweden plus Finland and Iceland.
The report counted a total of 54,810 dollar-millionaires in Norway, nearly 6,500 more than in Sweden even though Sweden's total population is nearly double that of Norway's.
The number of dollar-millionaires in Norway rose 9.7 percent last year. That's also a faster rate of growth than the world average of 8.3 percent and the European average of 6.4 percent.
CapGemini attributes the large number of Norwegian dollar-millionaires to the country's strong economy and a booming Oslo Stock Exchange. "Most of the new Norwegian dollar-millionaires have earned their money on shares and real estate," Gullqvist told Finansavisen.
The rising levels of affluence in Norway also reflect the small country's economic growth since the discovery of offshore oil in 1969. High oil prices the past few years sparked an unprecedented boom in Norway's offshore industry, and in the economy in general.
Aftenposten English Web Desk Nina Berglund
Oil money. It’s the difference between what sensible people can do after they are lucky enough to strike oil, and what Arabs do when they strike oil.
Over a period of 1,500 years, the Muslims have conquered a whole series of ancient civilizations, and accumulated vast riches. They have managed to drive those civilizations into the ground and they have managed to waste all the money.
Now they’re after new conquests to wreck.
Primarily due to oil and related industries. Norway seems to spread it around a little better than the Middle East which keeps all the money in the hands of relatively few sheiks.
A gallon of gas in Norway is hovering around $6.50. They clearly don’t want their people driving much. In return they have a ton of money saved which is starting to tick off the people.
My best guess is the money is being saved for when the oil runs out....then they will have to devout trillions to nuclear energy.
With under 5 million people I can see a small revolt coming.
Yes, it’s a sad comment on the Arabs, that Scandinavian socialists descended from Vikings can do so much better with similar assets.
And since this is a Norway thread....
TO my freeper friend who helped me get back in touch with my Norwegian friends several years ago by looking them up for me...
I just got done with an almost full circle moment having them in for 2 weeks after an absence that was way too long.
It was almost like we were never apart.
Sometimes friendships withstand politics and distance.
I am pleased to say I have such a friendship.
I guess my Dad left 80 years too soon
Many of those Norwegian “socialists” now work in BIG OIL...
I think they are starting to see their own hypocrisy.
I can hope : )
Still, the United States has some 300 million people. Even when things are accommodated for population size, proportionality doesn't always work out (i.e. it might be easier for a country of 4 million to have a proportionally higher amount of millionaires than a country of 300 million).
Still, Scandinavia deserves some respect. They seem to have pulled off a form of socialism--for the time being. And only Norway has lots of oil. Sweden and Iceland (and Denmark) don't have particularly large reserves. However, suspect that their socialist lifestyle is unsustainable and is propped up by the American military presence defending Europe (though Sweden has a decent military--Iceland doesn't have one).
Well, having had my friends in this month...
I have no idea how the American economy and American life in general could sustain a year off leave for a new mom and 4 months for the dad and this goes with subsequent children.
I just don’t see it happening.
Prices there are *outrageous*! Gasoline is $7.50/gallon. A simple parking ticket (not feeding the meter) is $150.A scragly,anemic piece of steak in a restaurant is almost $30.A ten minute,five mile cab ride is almost $50.A sad,dirty looking condo is almost $600,000.
I'd be willing to bet that a million dollars in Norway doesn't buy you nearly as much as it does here.
They can make it with socialism because they have the oil.
They also may have per capita imcome higher than the US, but things in Norway are very, very expensive. Try buying a house there and you’ll know why people have gotten rich on real estate. The government controls at least 75% of all land in Norway.
ping to my post #14.
A million doesn’t mean a whole lot there. Then when you tke into account our falling dollar, it turns out it means even less.
I argue the Scandinavians (Norse) have had a huge impact on history, culture, etc.
Settled England, Scotland, Ireland. Some aspects of representative government come from the Nordic “Thing” or legislature.
Explored/conquered down Volga, gave name to “Rus.”
Provided guards to Eastern Orthodox kingdoms.
Drifted up Seine, to rule northern France (Normandy). From there invaded, conquered Britain (William), and rim of Mediterranean (Robert-Kingdom of Naples and Sicilly).
Explored/discovered to North America. Maps/charts later used by Columbus.
etc. And nowadays they speak English, as a bonus. Clever folks. Stockholm is better engineered than Venice, to boot.
Rank Country GDP ($)
per capita Estimates
1 Luxembourg 87,955 2005
2 Norway 72,306 2005
3 Monaco 67,000 2005
4 Qatar 62,914 2005
5 Iceland 54,858 2005
6 Ireland 52,440 2005
7 Switzerland 51,771 2006
8 Denmark 50,965 2005
9 U.S.A 44,190 2006
10 Sweden 42,383 2006
11 Netherlands 40,571 2006
12 Finland 40,197 2005
13 U.K 39,213 2005
Scandinavia shows if the quality of your population is high enough you can do well with a relatively high degree of socialism. Although even they can go to far. Sweden for a while went to 65% of its gnp ran by the government and had bad economic problems. Now its something like 50%, which isn’t horribly worse then our 32%. Norweigans are very intelligent, well educated technically and honest. I read once we have 1 policeman per 100 people. They don’t even have 1 policeman per 1000 people, and hardly anyone is in prison.
They still have a great shipping industry in Norway despite wages that are probably double ours. Yet our shipping yards are shutting down. Its because nowadays brains matter a lot more then wages. 10 morons working at low wages, can’t do the advanced engineering of 1 brilliant engineer working at incredibly high wages. And 10 morons can’t design a ship no matter how much liberty their nation has.
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