Norway put dams on darn near every river, so we were rich before oil. We also sold more lumber thanks to HUGE amounts of rivers, compared to many european countries. So already before railways became a thing, Norway was not poor.
We was damn poor in Norway way back, and the population thinks they are richer than it is, the difference between rich and poor is getting larger every year.
The US looks a Cyberpunk 2077 like dystopia compared to Norway. It boggles my mind to see how a government can be so thoughtful, fair and good to their people. Man I’m jealous.
I know right.. capitalistic economic system is all about money making money.. I guess the sovereign wealth fund I created was a success 🙌 ..yup.. yet I hate the cold 🥶 😒 .. and abandoned my Norwegian girlfriend due to the increased of personal ambitions and the neglecting of humanity as a species i did.. hmmmm.. I guess it was just sovereign ambitions.. hmmmm..😔.
@@peaceleader7315 It was sad to hear. In our tax system, a % share is put into a fund - so you can see how much pension you will get when you turn 62 or 67. Minimum pension - even if you have never worked is about $20,000 per year - up to $67000 for 40 years activity. In addition, you get a share of your housing and electricity bill covered if you have a low pension. Grant every month automatically and digitally. In Norway, you have the right to housing, electricity, internet and money for food and necessary expenses anyway - of course because we also live in a winter country and it is nationally profitable to help people in trouble.
Norway is becoming the wealthiest country in the world, while its citizens are becoming increasingly impoverished. Inflation is rising, interest rates have almost reached 6%, the price of electricity has increased by 1000%, and the cost of essentials has risen by 100% in the last 3-4 years. As electricity and fuel prices rise, naturally, so do food prices, which have also increased by 100% in the last 3-4 years. Incompetent politicians are destroying the middle and working classes to score cheap points on the international stage and to fill the pockets of their friends who hold monopolies on everything in the country. There might not be petty corruption, but corruption at the state level is widespread, yet people remain silent and quickly forget about each scandal. Norway was once a haven for the working class, mainly Poles and Lithuanians. Now these people have no reason to come, and we are experiencing a massive shortage of labor because we are no longer competitive. I am a civil engineer, and it is very evident in the construction industry. It is difficult to find workers because people have no reason to work for 2500-3000 euros after taxes in this country with these living costs. Most stay in their own countries and work for the same or less money, while the cost of living and rents are much lower. Plus, they are in their own country, surrounded by family and friends. We will have to change something urgently or we will completely extinguish the economy of this country and destroy the working class.
This is factually wrong on so many levels. You may disagree with the politics of the sitting government (as I do on many subjects) but please contain your arguments to facts.
6.2% interest rate is what i have now today, and most houses here is old and overpriced. Electricty cost me 100% more after my goverment wanted to lick USA's neo cons and hate Russia. And worst of all, in year 2075 there will not be more than 10% true Norwegian in our capital city, meaning most of the population will be from unfunction places like the middle east and africa, and they send alot of money back to their own countries, so the economy will probaly end badly.
@@checkyourfacts6457 Seeking facts? Head over to NIBIO and delve into the statistics. Here's a straightforward example for contemplation. Recall how in 2019, a liter of gasoline ranged from 11 to 13 kroner, occasionally found for as low as 9.90? Remember when a 400g pork tenderloin cost 30 kroner that same year? Chocolate spread ranged from 7 to 9 kroner, now it's nearly 20 and beyond. Recall a carton of eggs priced at 20-25 kroner. And numerous other instances. What does this price increase amount to? If an item went from 30 kroner to now 65 kroner, that's an escalation of over 100%. It baffles me how there's no shame in manipulating numbers, annually feeding us a narrative that food prices have merely ascended by 4-6% compared to the previous year, as if they presume we possess the memory of a goldfish. Once, my spouse and I would allocate roughly 7-8,000 kroner monthly on groceries, now it never dips below 13-14,000, often even more, while our diet remains unchanged. We've started crossing into Sweden to mitigate these irrational price hikes, aiming to save money. Grasp how ludicrous that sounds; citizens of one of the wealthiest countries globetrotting to a neighboring state to afford more food. This trajectory is spiraling downwards. Wages are increasing, yet not sufficiently to counterbalance everything. Our loan repayment went from 16,000 to now 24,000, plus all insurances have surged. Electricity, which cost us about 1,000-1,500 kroner during winter, has now reached around 7,000! Our monthly expenses have escalated by 20,000 kroner for the same necessities as in 2019. And then someone dares to claim, "Norway is the wealthiest country in the world"...as Norway grows wealthier, its citizens increasingly become enslaved to work and the system. Two of my friends are juggling two jobs to afford their housing. Sleep-deprived and weary, they resemble zombies. Imagine, being a civil engineer, and additionally, you're compelled to work over the weekends to secure funds post covering your loan repayment and electricity bills. It's distressing! I'm utterly sick of this painted lie.
There is a lot of faults in your comment. Things have NOT risen 100% in 3 years. It has risen 16% in 3 years. (source: ssb kpi ) Which is a lot tho, but far from 100% To add context: prices have increased 100% since 1994. 30 years ago. not 3 years ago.
@mangomariel SSB can write and make nice graphs as much as they want, I have a calculator and good memory. If something costs 10 kr and now it costs 20kr, it is a 100% increase in price. If something costs 25kr and now costs 35kr, it is a 40% increase. How much was a liter of petrol back in 2018? 10-13kr... How much is it now? 20-25kr. Is it a 16% increase in price?
Norwegian here and our country is going to shit and is becoming poorer from mismanaging its currency and is now busy at work impoverishing its population by having promised nearly free electricity to huge foreign companies until 2031 as well as selling any remaining energy surplus to Europe driving up the price massively for its population. The schooling system actively punishes talent, hard work, and innovation. Norway has been carried hard by a strong cultural contract that lets the otherwise prohibitively high administrative costs of maintaining law, order, and bureaucracy in such a sparsely populated country be overcome by implicit trust and strong cultural norms and expectations. The Norwegian state wants Norway to be multicultural instead of having this cultural contract define its society and with this we will increasingly become a dysfunctional corrupt rentier state like most sparsely populated countries with heavy foreign influence are. While the wealth fund, granted, was well handled in its time it does not stop Norwegians from literally starving to death or rotting in their feces in nursing homes and will less and less benefit the common man in Norway and instead be used to allow the wealthy elite, the long term beneficiary of Norway's resources, to pay less taxes.
Yes - something that is reasonably easy to explain. We have a large prosperous country and get back more than 86% of what we pay in taxes and fees throughout our lives. Everything is digital and the social network is as secure as the country being very rich. We can travel and be who we want, say what we mean, think and publish our thoughts and love who we want. Still, people complain here too. We have everything from the time we are born until we die and are helped in the difficult part of life - if you are unlucky. Here you don't live on the streets, you have electricity and internet and you will never lack money for essential medicines or food.
Oil & gas has helped economy, but it does not explain. The average standard of living is close to Nordic neighbors, even if they have no oil. The main reason is mostly other factors; low corruption, education for all, governance etc. The first question was strange ; " how can such a small country be so rich ?". Consider that smaller countries can be easier to run !
Norway's GDP per capita is roughly 2X that of Sweden . In 1969 when oil was discovered, Sweden was 50 percent richer than Norway. Norway produces more oil per capita than the UAE. It's also fortunate enough to have huge hydroelectric power resources and fishing rights. It's like if Qatar had rivers. Norway is like a 2.5 meter tall person that brags they are good at basketball.
Norway's currency has lost half of its value against the dollar the past decade. and no end is in sight. It's latest slogan towards foreign visitors is "its cheap here, please come". Wages are low, and people are mad, hardly the paradise made out by the media.
The Krone have dropped, sure. Im sure the tourist industry is not mad about that. But you seem to imply i crash, wich is not the case ! Other than that, i welcome all tourists, even those who are looking for an affordable electric car :) I know the business you should visit !
Is it a dream you have? Imported goods are more expensive but otherwise no need. Wages are not low because we trade in NOK and not in dollars. But the average salary is the same as in the US actually - about $6,228 per month. but we have some advantages over the USA - We get back 86.2% of everything we pay in taxes and fees throughout our lives - in the form of health, school, pension and life support in difficult periods. In the US you get back only 19%
It’s like that quote im paraphrasing, wise men plant trees who’s shade they know they will never sit under. So they invest their oil revenue abroad and fund their public services on the investment returns maintaining a high quality of life. Effective future proofing. It’s not an infinite money glitch tho bcuz they still pay high taxes
@@adamoliver4094racism and imperialism and then also the emphasis on national sovereignty associated with the modern era. Theyre generally remote and located within prosperous regions
@@uggali I was thinking it was NATO. Norway was occupied or otherwise under the control of another power for about 115 out of the 150 years before it joined NATO. I don't know that the Swedes and Germans occupied it on the basis of racism, but maybe they did. I was just thinking it's easy to have no enemies or threats when others are guaranteeing your safety.
@@adamoliver4094 nowadays empires require popular support and Darwinism is not so popular as humanitarianism is these days so imperialism is considered a red flag or politically incorrect. Furthermore the west would never let beacons of democracy like norway fall, as they serve as examples. Westerners are famous for being karens and would be challenging to subjugate and silence
Won't happen. No economic model will work for you until you get corruption under control, and your tribes/peoples stops being so hostile to each other.
i love that we are getting even richer. Dont know why, maybe the Norwegian in me, I feel an inner udge to control more and more than we do. Glad we are currently controlling 1.5%of all the stock market, hopefully much more in a couple decades. 15 % ownership of the stockmarket in 2050 should be the goal. Not that of a streach
I wonder why Russia never chose to invade Norway, with all those oil and gas resources. Instead they decided to inavde Ukraine, idiots in a way. Nato of course is the main obstacle. Meanwhile, arabs by Ferraris.
Russia is not so interested in countries not having a slavic history, culture and mindset. Ukraine is place the russian conider as their culture. 'Norway is a completely different thing, and has been for hundreds of years. too much trouble invading and try to completely change. There are plenty much easier projects
Norway stopped spending petroleum income in 2001. The correct way to simplify it, is that we take in more taxes than we need, but we don't spend it. Instead, we invest it in the global markets. Then, we can take a maximum of the return on investment and spend it the same way other countries use national debt. We don't lower our taxes much, because it's difficult to raise them again if we needed to. We know that bad times are coming, but the way we've done things, it's actually good for us when capitalism falters, because we think in 50-100 years, which hardly anyone else can afford to do. That means we even if the global market will be cut in half, as we predict, we don't have to sell, because in just a few decades, it will rise again and be worth more. Meanwhile, we get to buy more cheap stocks. The 2008 financial crisis was actually our best year so far. But the point is that this has nothing to do with oil.
@@jeschinstadOil and gas paid 35 percent of tax revenues in Norway in 2023. Norway had a 20-25 percent budget surplus. It seems some oil money is still being spent? Also, oil is the source of the sovereign wealth fund. Norway is like someone that wins the lottery, then insists they are better off than everyone else due to clean living and moral rectitude.
This is my personal opinion. Norway had all possibilities to be a wealthy and prosperous country, BUT we have a horrible and disastrous present and future government who have no interest of keeping norwegian wealth and resources to the benefit of Norway and norwegian citizens. They squader it away on foreign economic interest to solve a non existing problem, which they say is climate. But that is OK because there is no future after this.
No.... Portugal is becoming the world's richest country because has lot of natural resources but doesn't explore them. Brussels sends money here while the Portuguese people 🥱💤💤💤💤💤. We are the best. The natural resources aren't explored because of the climate change... so.... AHAHAHAHAH. We sleep. Just send your euros here Brussels.
Norway put dams on darn near every river, so we were rich before oil. We also sold more lumber thanks to HUGE amounts of rivers, compared to many european countries. So already before railways became a thing, Norway was not poor.
everyone was poor back then, the whole world...
We was damn poor in Norway way back, and the population thinks they are richer than it is, the difference between rich and poor is getting larger every year.
Oklahoma company finds oil off Norway. Norway nationalizes it and brags about being rich.
@@adamoliver4094 they found it where they where told they might find it, not a big brag...
Built like NZ but less remote. Dams are bad for the land bcuz they block the energy flow of the land and disconnect the inlands from the oceans
The US looks a Cyberpunk 2077 like dystopia compared to Norway. It boggles my mind to see how a government can be so thoughtful, fair and good to their people. Man I’m jealous.
Why did you cut off north Norway on the map? 0:01
Today, the oil fund has passed $1.6 trillion or $310,000 to all people living in Norway
I know right.. capitalistic economic system is all about money making money.. I guess the sovereign wealth fund I created was a success 🙌 ..yup.. yet I hate the cold 🥶 😒 .. and abandoned my Norwegian girlfriend due to the increased of personal ambitions and the neglecting of humanity as a species i did.. hmmmm..
I guess it was just sovereign ambitions.. hmmmm..😔.
Which the people won't see any of.
@@Sirvalian they did after they died..🤪
@lpdude2005 in Australia old people die like flies and never receive age pension payments or chances to spend their superannuation..
@@peaceleader7315 It was sad to hear. In our tax system, a % share is put into a fund - so you can see how much pension you will get when you turn 62 or 67. Minimum pension - even if you have never worked is about $20,000 per year - up to $67000 for 40 years activity. In addition, you get a share of your housing and electricity bill covered if you have a low pension. Grant every month automatically and digitally. In Norway, you have the right to housing, electricity, internet and money for food and necessary expenses anyway - of course because we also live in a winter country and it is nationally profitable to help people in trouble.
Norway is becoming the wealthiest country in the world, while its citizens are becoming increasingly impoverished. Inflation is rising, interest rates have almost reached 6%, the price of electricity has increased by 1000%, and the cost of essentials has risen by 100% in the last 3-4 years. As electricity and fuel prices rise, naturally, so do food prices, which have also increased by 100% in the last 3-4 years. Incompetent politicians are destroying the middle and working classes to score cheap points on the international stage and to fill the pockets of their friends who hold monopolies on everything in the country. There might not be petty corruption, but corruption at the state level is widespread, yet people remain silent and quickly forget about each scandal.
Norway was once a haven for the working class, mainly Poles and Lithuanians. Now these people have no reason to come, and we are experiencing a massive shortage of labor because we are no longer competitive. I am a civil engineer, and it is very evident in the construction industry. It is difficult to find workers because people have no reason to work for 2500-3000 euros after taxes in this country with these living costs. Most stay in their own countries and work for the same or less money, while the cost of living and rents are much lower. Plus, they are in their own country, surrounded by family and friends.
We will have to change something urgently or we will completely extinguish the economy of this country and destroy the working class.
This is factually wrong on so many levels. You may disagree with the politics of the sitting government (as I do on many subjects) but please contain your arguments to facts.
6.2% interest rate is what i have now today, and most houses here is old and overpriced.
Electricty cost me 100% more after my goverment wanted to lick USA's neo cons and hate Russia.
And worst of all, in year 2075 there will not be more than 10% true Norwegian in our capital city, meaning most of the population will be from unfunction places like the middle east and africa, and they send alot of money back to their own countries, so the economy will probaly end badly.
@@checkyourfacts6457 Seeking facts? Head over to NIBIO and delve into the statistics. Here's a straightforward example for contemplation. Recall how in 2019, a liter of gasoline ranged from 11 to 13 kroner, occasionally found for as low as 9.90? Remember when a 400g pork tenderloin cost 30 kroner that same year? Chocolate spread ranged from 7 to 9 kroner, now it's nearly 20 and beyond. Recall a carton of eggs priced at 20-25 kroner. And numerous other instances. What does this price increase amount to? If an item went from 30 kroner to now 65 kroner, that's an escalation of over 100%. It baffles me how there's no shame in manipulating numbers, annually feeding us a narrative that food prices have merely ascended by 4-6% compared to the previous year, as if they presume we possess the memory of a goldfish. Once, my spouse and I would allocate roughly 7-8,000 kroner monthly on groceries, now it never dips below 13-14,000, often even more, while our diet remains unchanged. We've started crossing into Sweden to mitigate these irrational price hikes, aiming to save money. Grasp how ludicrous that sounds; citizens of one of the wealthiest countries globetrotting to a neighboring state to afford more food. This trajectory is spiraling downwards. Wages are increasing, yet not sufficiently to counterbalance everything. Our loan repayment went from 16,000 to now 24,000, plus all insurances have surged. Electricity, which cost us about 1,000-1,500 kroner during winter, has now reached around 7,000! Our monthly expenses have escalated by 20,000 kroner for the same necessities as in 2019. And then someone dares to claim, "Norway is the wealthiest country in the world"...as Norway grows wealthier, its citizens increasingly become enslaved to work and the system. Two of my friends are juggling two jobs to afford their housing. Sleep-deprived and weary, they resemble zombies. Imagine, being a civil engineer, and additionally, you're compelled to work over the weekends to secure funds post covering your loan repayment and electricity bills. It's distressing! I'm utterly sick of this painted lie.
There is a lot of faults in your comment. Things have NOT risen 100% in 3 years. It has risen 16% in 3 years. (source: ssb kpi ) Which is a lot tho, but far from 100%
To add context: prices have increased 100% since 1994. 30 years ago. not 3 years ago.
@mangomariel SSB can write and make nice graphs as much as they want, I have a calculator and good memory. If something costs 10 kr and now it costs 20kr, it is a 100% increase in price. If something costs 25kr and now costs 35kr, it is a 40% increase. How much was a liter of petrol back in 2018? 10-13kr... How much is it now? 20-25kr. Is it a 16% increase in price?
Norwegian here and our country is going to shit and is becoming poorer from mismanaging its currency and is now busy at work impoverishing its population by having promised nearly free electricity to huge foreign companies until 2031 as well as selling any remaining energy surplus to Europe driving up the price massively for its population. The schooling system actively punishes talent, hard work, and innovation. Norway has been carried hard by a strong cultural contract that lets the otherwise prohibitively high administrative costs of maintaining law, order, and bureaucracy in such a sparsely populated country be overcome by implicit trust and strong cultural norms and expectations. The Norwegian state wants Norway to be multicultural instead of having this cultural contract define its society and with this we will increasingly become a dysfunctional corrupt rentier state like most sparsely populated countries with heavy foreign influence are. While the wealth fund, granted, was well handled in its time it does not stop Norwegians from literally starving to death or rotting in their feces in nursing homes and will less and less benefit the common man in Norway and instead be used to allow the wealthy elite, the long term beneficiary of Norway's resources, to pay less taxes.
As far as I am concerned Norwaygians are well disciplined people.
Yes - something that is reasonably easy to explain. We have a large prosperous country and get back more than 86% of what we pay in taxes and fees throughout our lives. Everything is digital and the social network is as secure as the country being very rich. We can travel and be who we want, say what we mean, think and publish our thoughts and love who we want. Still, people complain here too. We have everything from the time we are born until we die and are helped in the difficult part of life - if you are unlucky. Here you don't live on the streets, you have electricity and internet and you will never lack money for essential medicines or food.
Oil & gas has helped economy, but it does not explain. The average standard of living is close to Nordic neighbors, even if they have no oil. The main reason is mostly other factors; low corruption, education for all, governance etc. The first question was strange ; " how can such a small country be so rich ?". Consider that smaller countries can be easier to run !
Norway's GDP per capita is roughly 2X that of Sweden . In 1969 when oil was discovered, Sweden was 50 percent richer than Norway. Norway produces more oil per capita than the UAE. It's also fortunate enough to have huge hydroelectric power resources and fishing rights. It's like if Qatar had rivers. Norway is like a 2.5 meter tall person that brags they are good at basketball.
Interested information
Norway's currency has lost half of its value against the dollar the past decade. and no end is in sight. It's latest slogan towards foreign visitors is "its cheap here, please come". Wages are low, and people are mad, hardly the paradise made out by the media.
The Krone have dropped, sure. Im sure the tourist industry is not mad about that. But you seem to imply i crash, wich is not the case ! Other than that, i welcome all tourists, even those who are looking for an affordable electric car :) I know the business you should visit !
Is it a dream you have? Imported goods are more expensive but otherwise no need. Wages are not low because we trade in NOK and not in dollars. But the average salary is the same as in the US actually - about $6,228 per month. but we have some advantages over the USA - We get back 86.2% of everything we pay in taxes and fees throughout our lives - in the form of health, school, pension and life support in difficult periods. In the US you get back only 19%
Very good parliament and no corruption, government not wasting money ❤ Canada in comparison is a disastrous 😢
NORGE
It’s like that quote im paraphrasing, wise men plant trees who’s shade they know they will never sit under. So they invest their oil revenue abroad and fund their public services on the investment returns maintaining a high quality of life. Effective future proofing. It’s not an infinite money glitch tho bcuz they still pay high taxes
The fact that Norway has no enemies might be a good start.
What do you think is different about the world vs 80 years ago that keeps rich, small, sparsely populated countries secure from outside threats?
@@adamoliver4094racism and imperialism and then also the emphasis on national sovereignty associated with the modern era. Theyre generally remote and located within prosperous regions
@@uggali I was thinking it was NATO. Norway was occupied or otherwise under the control of another power for about 115 out of the 150 years before it joined NATO. I don't know that the Swedes and Germans occupied it on the basis of racism, but maybe they did.
I was just thinking it's easy to have no enemies or threats when others are guaranteeing your safety.
@@adamoliver4094 nowadays empires require popular support and Darwinism is not so popular as humanitarianism is these days so imperialism is considered a red flag or politically incorrect. Furthermore the west would never let beacons of democracy like norway fall, as they serve as examples. Westerners are famous for being karens and would be challenging to subjugate and silence
@@uggali Is there not currently a war of conquest in Europe?
Norway playing life on easy mode xD
7:32 shows Sweden Stockholms Gamla Stan :)
For my country, South Africa, to succeed, it has to adopt the Norwegian economic model, NOW.
Won't happen. No economic model will work for you until you get corruption under control, and your tribes/peoples stops being so hostile to each other.
north sea oil
i love that we are getting even richer. Dont know why, maybe the Norwegian in me, I feel an inner udge to control more and more than we do. Glad we are currently controlling 1.5%of all the stock market, hopefully much more in a couple decades. 15 % ownership of the stockmarket in 2050 should be the goal. Not that of a streach
I wonder why Russia never chose to invade Norway, with all those oil and gas resources. Instead they decided to inavde Ukraine, idiots in a way. Nato of course is the main obstacle.
Meanwhile, arabs by Ferraris.
Ukraine has access to the sea and they too have found oil where russia attacked. Russian litteraly took over their oil platform and grain.
Russia is not so interested in countries not having a slavic history, culture and mindset. Ukraine is place the russian conider as their culture. 'Norway is a completely different thing, and has been for hundreds of years. too much trouble invading and try to completely change. There are plenty much easier projects
@@Rimrock300 Finns are neither slavic, nobody speaks Russia either. We have also no resources - yet Russia has wanted to occupy Finland.
@@iam5085 Finland was earlier a part of Russia, so that's completely different. You may not be slavic, but you used to be Russians.
Echofish
Becoming? It's getting poorer lol, the currency has been tanked already.
Norway is not the number 1 richest country in the world. That's Luxembourg. Norway is on 8 place. Tel the thru story and not fairytale.
oil money
One of the reasons
Norway stopped spending petroleum income in 2001. The correct way to simplify it, is that we take in more taxes than we need, but we don't spend it. Instead, we invest it in the global markets. Then, we can take a maximum of the return on investment and spend it the same way other countries use national debt. We don't lower our taxes much, because it's difficult to raise them again if we needed to. We know that bad times are coming, but the way we've done things, it's actually good for us when capitalism falters, because we think in 50-100 years, which hardly anyone else can afford to do. That means we even if the global market will be cut in half, as we predict, we don't have to sell, because in just a few decades, it will rise again and be worth more. Meanwhile, we get to buy more cheap stocks. The 2008 financial crisis was actually our best year so far. But the point is that this has nothing to do with oil.
The one reason.@@GreatEarthfact
@@GreatEarthfactright also natural gas.
@@jeschinstadOil and gas paid 35 percent of tax revenues in Norway in 2023. Norway had a 20-25 percent budget surplus. It seems some oil money is still being spent? Also, oil is the source of the sovereign wealth fund. Norway is like someone that wins the lottery, then insists they are better off than everyone else due to clean living and moral rectitude.
This is my personal opinion. Norway had all possibilities to be a wealthy and prosperous country, BUT we have a horrible and disastrous present and future government who have no interest of keeping norwegian wealth and resources to the benefit of Norway and norwegian citizens. They squader it away on foreign economic interest to solve a non existing problem, which they say is climate. But that is OK because there is no future after this.
No.... Portugal is becoming the world's richest country because has lot of natural resources but doesn't explore them. Brussels sends money here while the Portuguese people 🥱💤💤💤💤💤. We are the best. The natural resources aren't explored because of the climate change... so.... AHAHAHAHAH. We sleep. Just send your euros here Brussels.
great video keep pushing bro
Thank you ❤️❤️