Most deceptive title of the year so far, since Norwegian citizens’ own personal net worth has nothing to do with capital sitting in a “sovereign” wealth fund”.
To test, just try to write a check to your aunt tillie for “your portion” of the fund.
The world’s financial elites control sovereign wealth funds, i.e., where they are invested - and certainly whether investment income is reinvested or spent - and what it is spent on, since those same financial elites control politicians much more than Sven Q. Public does.
The same logic could be used to say the citizens of the old Soviet Union were wealthy because of all the capital and land that was publicly owned. Never saw a dime of it.
Actually it’s one million kroner, which is only 160,000 bucks per citizen. Hardly enough to live on for the rest of one’s life. Still, I’d rather have my share of the nation debt be negative 160,000 bucks than the present plus 51,000 bucks per American.