ktothestein

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How Norway Has Avoided The 'Curse Of Oil'

progressivefriends:

For while other countries have struck oil and then binged on the revenues, by contrast Norway is continuing to invest its oil and gas money in a giant sovereign wealth fund.

The fund, worth about $800bn (£483bn), owns 1% of the entire world’s stocks, and is big enough to make every citizen a millionaire in the country’s currency, the kroner. In effect, it is a giant savings account.

And most Norwegians are seemingly very content with this - according to a 2012 study by New York’s Columbia University Norway is one of the world’s happiest countries.