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Can a Country Be Too Rich? Norway Is Finding Out
Norway's $2 trillion sovereign wealth fund, equivalent to $340,000 per citizen, may be undermining the country's economic health, according to a contentious new book. Martin Bech Holte's "The Country That Became Too Rich" argues that oil revenue has made Norway bloated and unproductive, with data su...
Norway's $2 trillion sovereign wealth fund, equivalent to $340,000 per citizen, may be undermining the country's economic health, according to a contentious new book. Martin Bech Holte's "The Country That Became Too Rich" argues that oil revenue has made Norway bloated and unproductive, with data supporting several concerns.Norway has recorded the slowest productivity growth among wealthy nations over the past two decades while Norwegians take 27.5 sick days annually, the highest rate in the OECD. Fund withdrawals now cover 20% of the annual budget, up from less than 10% two decades ago.
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