Why Norwegians Are Millionaires and Americans Are Paupers

Contrary to the belief of some, Bosworth said he believes the existence of the country's wealth has not depressed citizens' willingness to work, pointing to the Norwegian labor force participation rate -- that is, the percentage of people who are working or actively looking for work, which is equal or above to that of most age groups in the U.S. Earlier today, the U.S. Labor Department reported that the labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, a 35-year low.

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In addition, Bosworth said there isn't evidence of imprudent levels of public of private debt in Norway, unlike much of Europe. The sovereign fund is recorded as an asset of the Norwegian government and now equals about two times their income, he explains.

However, oil exports have raised the exchange rate and led to a loss of manufacturing jobs, Bosworth said.

Besides fjords and other commodities, Norway is also known for another export.

"Finally, I note that Norway has excellent mystery writers, although I have no proof that it can be traced to the sovereign fund," he points out.

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