How Norway managed to become one of the richest countries in Europe

Norway is a Scandinavian state, which today is considered one of the richest in Europe. In addition, according to surveys, the citizens of this country can be considered among the happiest on the continent.

But how did the once poor state manage to achieve such impressive successes? Many people think it's about oil.



However, the well-being of the Norwegians was founded even before 1969, when the largest field was discovered on the border of the sea shelves of Norway and Great Britain.

The beginning of the state's path to success lies in the late forties of the last century, when the Labor Party came to power. It was from this time that a progressive tax and social guarantees were introduced in the country, such as benefits for a second child, free education, a loan fund for students, etc.

At the same time, with the advent of oil in the country, which became a “curse” for many states, Norway became even stronger.

The thing is that Norwegian legislators decided to create a national mining company and a state directorate that will control it.

Further more. The Norwegian authorities created a state oil fund in 1990, which then turned into a pension fund. This includes part of the income from the sale of hydrocarbons, as well as excess profits (when oil prices are high), which are invested in profitable assets.

Today, the size of the above-mentioned “pot” reaches 1,5 trillion dollars, and Oslo owns 1,5% of all shares in the world.

But that's not all. The fishing industry brings a lot of income to the Norwegian budget. In addition, the country is rich in minerals, in particular phosphates, which are now actively used in the production of microelectronics.

Finally, the wealth of this Scandinavian state is the people who adhere to the concept of minimalism and love their country, and also protect its nature.