Norway, one of the world’s richest countries, is grappling with the unintended consequences of its vast oil wealth. A new book argues that the country’s reliance on oil revenue and a sovereign wealth fund has led to bloating, reduced productivity, and negative health effects.
The discovery of significant oil reserves in 1969 catapulted Norway onto the global economic stage. The country’s sovereign wealth fund, established to invest the funds, now manages around $2 trillion – equivalent to approximately $340,000 per citizen. This windfall has enabled Norway to maintain a strong economy, with low unemployment, minimal government debt, and a comprehensive social security system.
However, critics argue that this excessive wealth is having a detrimental impact on Norwegian society. The book highlights the need for Norway to diversify its economy and invest in other sectors beyond oil, lest it become complacent and lose its competitive edge.
Source: https://www.bloomberg.com/news/articles/2025-07-25/can-a-country-be-too-rich-norway-is-finding-out-essay