Every Norwegian now a krone millionaire

The Local
The Local - [email protected] • 9 Jan, 2014 Updated Thu 9 Jan 2014 21:29 CEST
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Every single person in Norway this week theoretically became a krone millionaire, after the country's oil fund ballooned on the back of rebounding global share prices.

The ticker on the website of Norway's national bank, which tracks the approximate value of the fund, this week passed 5.019 trillion kroner ($810bn), meaning the fund holds a million kroner ($161,000), for each and every one of the country's 5.019m people. 
 
"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 not managed that," Øystein Dørum, chief economist at DNB Markets, told Reuters. 
 
The oil fund, officially known as the Government Pension Fund Global, invests all of the country's oil revenues and aims to continue to provide an income long after the country's resources are depleted. 

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The Local 2014/01/09 21:29

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