Norway is sitting on a gold mine, I mean, an oil field. It can afford many things other countries can't, while also prudently saving much of its oil income.
Norway is sitting on a gold mine, I mean, an oil field. It can afford many things other countries can't, while also prudently saving much of its oil income.
Denmark performs similarly to Norway and they don't have oil.
Denmark has several oil and gas fields. It's tiny compared to Norway but not completely insignificant.
It's largely insignificant when the question is "why is Denmark rich". Same goes for Sweden.
The US is the world's largest producer of oil
It looks like Norway's oil revenue per capita is somewhere between $20,000 and $90,000, while the USA's is between $200 and $800, depending on how you calculate it.
The Norwegian government takes basically all the revenue from its oil rights, and the US has sold the oil rights for much less than they're worth.
This answer always comes up but then how do you explain the other 4 Nordic countries?