Yay! Everyone in Norway Is a Millionaire Now (2024)

FAQs

Is every citizen in Norway a millionaire? ›

The fund is for the citizens of Norway. “The aim of the fund is to ensure responsible and long-term management of revenue from Norway's oil and gas resources, so that this wealth benefits both current and future generations.” Today the fund is worth nearly $275,000 for every citizen of Norway.

Population (2021): 5.41 Million

Norway had a total population of around 5.41 million in 2021 and 4.37% of its population was millionaires. Norway had almost 236,000 millionaire individuals in 2021.

The oil and gas industries play a dominant role in the Norwegian economy, providing a source of finance for the Norwegian welfare state through direct ownership of oil fields, dividends from its shares in Equinor, and licensure fees and taxes.

Yes, it is possible to become wealthy in Norway, as in many other countries, though the path to wealth can vary greatly depending on individual circ*mstances, opportunities, and decisions.

However, according to the figures in Numbeo, a single person (living outside of Oslo) should be comfortable on a 500,000 - 600,000 NOK salary per year, while a family (living outside of Oslo) should be comfortable on an 800,000 - 1,000,000 NOK annual salary.

Over the past years, the financial worth of households per capita in Norway increased, reaching a value of approximately 40,000 U.S. dollars as of 2022.

The United States has a lower per capita GDP than Norway with a GDP of 51,749 compared to 99,558, respectively, and is also home to one of the most pressing income distribution gaps in any industrialized nation, surpassed in income inequality by only Russia and Mexico.

an approximate annual household income of around NOK 800,000 to NOK 1.5 million or higher might be considered within the range of upper middle class or wealthy in Oslo.

United States

The U.S. is home to the most millionaires of any country by a large margin. In fact, nearly 9% of U.S. adults are millionaires today. This makes sense, as the United States has the world's largest domestic economy. The U.S. also has more lenient taxation policies than many of its competitors.

While public healthcare is available across Norway, it is only free for people 16 years and younger. It also free for pregnant and/or nursing women, regardless of coverage. Everyone else must pay an annual deductible equivalent to an average of 2,040 NOK (222 USD).

Why is Norway's life expectancy so high? ›

Norway has a great life expectancy (82 years on average), thanks to the active Norwegian lifestyle, the diet that's full of Omega−3 fatty acids (all that salmon is definitely good for you) and of course, a robust healthcare system that's funded by the public.

“In Norway, we have a welfare system that takes care of us and saves us from a lot of worries. The inequality is low when it comes to the standard of living. We feel safe and free and have a strong sense of belonging”, she adds.

Norway poverty rate for 2019 was 0.50%, a 0% increase from 2018. Norway poverty rate for 2018 was 0.50%, a 0.1% decline from 2017. Norway poverty rate for 2017 was 0.60%, a 0.1% decline from 2016. Norway poverty rate for 2016 was 0.70%, a 0.3% increase from 2015.

There are a total of 9 billionaires in Norway, with 6 of them living in Oslo, 1 in Kverva, 1 in Trondheim, and 1 in Vettre.

There is no general minimum wage in Norway. Wages are subject to agreement between the employer and the employee as part of the written employment contract. Although there is no general minimum wage in Norway, minimum rates of pay have been introduced in certain sectors: Construction sites (for construction workers)

7.3% of adults in Sweden are millionaires and 4.2% of adults in Norway are millionaires. Why is this when Norway has a higher GDP per capita than Sweden?