I’m in Tromsø, Norway as I post.
Most oil rich small nations suffer from severe economic and social issues — but not Norway (5.5 million).
Norway kept control of natural resources in Norway. In 1990 they created the Norway Sovereign Wealth Fund – today worth about $1.2 trillion.
By comparison, the Alberta Heritage Savings Trust Fund where I live is worth only about $18.9 billion. Norway did it right. Alberta did it badly. The 2015 Fraser Institute report titled Fumbling the Alberta Advantage details the bungling.
Norwegians pay some of the highest taxes in the world — but enjoy some of the best health care, education and infrastructure. Small towns well above the Arctic Circle enjoy a good quality of life.
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