🇳🇴 Norway

Norway is one of the world's wealthiest countries — 5.5 million people with a $580 billion GDP and the world's largest sovereign wealth fund, the Government Pension Fund Global, worth over $1.6 trillion (about $300,000 per citizen). The fund owns about 1.5% of all listed stocks globally. Norway is Western Europe's largest oil and gas producer, and the energy windfall from Russia's invasion of Ukraine generated record revenues. The country consistently tops the UN Human Development Index. Norway's fjords, Northern Lights, and midnight sun make it one of the world's most spectacular countries geographically. Oslo is one of the most expensive cities on earth — a beer can cost $15.

Oil and gas account for about 40% of exports and 20% of GDP. Seafood (Norway is the world's largest salmon producer), shipping, and metals are the other major exports. The UK, Germany, and Sweden are the top trade partners. Norway is not an EU member but participates in the single market through the EEA. The country has the highest EV adoption rate in the world — over 80% of new car sales are electric. GDP per capita exceeds $100,000. The sovereign wealth fund's ethical investment guidelines exclude companies involved in tobacco, certain weapons, and severe environmental damage.

Norway's sovereign wealth fund is so large that it could give every Norwegian citizen about $300,000 and still have money left over. The country has a tradition of "friluftsliv" (open-air living) — spending time outdoors is considered essential to well-being and is embedded in the culture. Norway's Svalbard archipelago has a global seed vault containing over 1.2 million seed samples from around the world — a backup for humanity's food supply.

Norway has managed its oil wealth better than any country in history — the sovereign wealth fund is the gold standard. The challenge is the same as all petro-states: what happens when the oil era ends? The EV transition at home suggests Norway is already planning for it.