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Video / 13 January 2014 at 14:42 GMT

Why every Norwegian's a millionaire

Angus Walker

Every Norwegian has become a millionaire, at least on paper. The country's sovereign wealth fund is now at the equivalent of USD 800 billion thanks largely to the country's oil wealth. 

Sadly for the Norwegians, they can’t get their hands on their one million kroner each (around USD 160,000) because the money is being kept under the mattress by the Norwegian government which has been saving up the windfall generated by North Sea Oil since the late 1960s. And it would be a disaster if they did, according to Saxo Bank's Head of Commodity Strategy, Ole Hansen. The country's currency would become incredibly strong and it would kill off the Norwegian export industry. Angus Walker reports. 

 

5y
Clare MacCarthy Clare MacCarthy
I would like to be Norwegian. Or, rather, a "future-generation" Norwegian when they get around to spending a little more than at present.
5y
Owen Thomas Owen  Thomas
I think you need to be a millionaire just to buy a beer in Norway these days...
5y
Clare MacCarthy Clare MacCarthy
Indeedy. I paid the equivalent of USD 21 for a half litre a few months back.
5y
fxtime fxtime
Visit Iceland and see how expensive it is there !! Even the Norwegians complain !!
5y
Clare MacCarthy Clare MacCarthy
Darn right. I still remember the time I invited two colleagues out for drinks in Reykjavik. They only got one each!
5y
Juhani Huopainen Juhani Huopainen
Clare, during the dotcom boom a friend at an underfinanced startup teached me a nice trick: In Monaco, he offered the first round to the table. Then he could freeride for almost two full rounds of increasingly more expensive drinks. There is a first-mover advantage in surprisingly many things.
5y
Clare MacCarthy Clare MacCarthy
Never try this one in Ireland, Juhani :-)

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