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Every citizen in Norway is a millionaire

Norway’s wealth has soared to $828.66 billion due to high oil and gas prices

OUR CORRESPONDENT  London | 11th Jan 2014

he United States may groan under the weight of its national debt, $17.3 trillion and growing. But one country is not only debt free, every single one of its citizens became a millionaire last week. The Daily Mail reported that Norway's sovereign wealth fund has ballooned so much due to high oil and gas prices that it has soared to 5.11 trillion kroner ($828.66 billion). This means that, in theory at least, every one of Norway's 5,096,300 citizens has become a millionaire. Norway's sovereign fund was established in 1990 and now owns an astonishing 1% of the world's stocks in addition to bonds and real estate from London to Boston. The Nordic country struck oil — and wealth — in 1969 and is currently the world's 7th largest oil exporter. But it has steadfastly refused to splurge its surplus funds, preferring instead to husband the money for a rainy day both for present and future generations of its citizens. The fund, which is known as the Government Pension Fund Global is equivalent to 183% of Norway's 2013 GDP.

"The fund is a success in the sense that Parliament has managed to put aside money for the future. There are many examples of countries that have mot managed that," the Daily Mail quoted Oeystein Doerum, chief economist at DNB Markets, as saying.

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