Norse code
The Human Development Index (HDI), devised by the United Nations Development Programme, is a summary measure that ranks countries based on key standards of living. Data from 2021 placed Norway in 2nd, with an HDI of 0.961, with Norwegians enjoying some of the longest lives (life expectancy at birth of 83.2 years), average schooling of 13.0 years, and a Gross National Income (GNI) per capita of ~$65k.
Norway’s 2021 HDI is some 12.8% higher than when the report began in 1990. Back then, GNI for Norwegians was nearly half what it is now — only $36,063 per capita, adjusted for inflation — coincidentally aligning with the creation of the Pension Fund.
Scandinavian success
Norway’s Scandinavian neighbors rank similarly highly. The annual World Happiness Report has named Finland the happiest country in the world for the past 6 years, and it’s only ever missed out to Norway, Denmark, or Switzerland for the spot since the report began. Interestingly, Finland has almost no known fossil fuel resources, suggesting that Norway’s development is perhaps less to do with oil, and more to do with broader Scandinavian ideals, with terms like ‘koselig’ (Norwegian) and ‘hygge’ (Danish) having been exported globally, as the benefits of the snug, nature-filled culture adopted by many Scandis purportedly plays a part in their general happiness and health.
Late bloomer
Having forayed into oil relatively late, few could have predicted the massive impact that the booming industry would have on the country’s economy. Today, Norway ranks as the 10th largest exporter of oil, and the country supplies up to 25% of the EU’s gas demand.
Norway now grapples with a conundrum in many of its domestic political issues — if you have $250k+ in a pot for every single man, woman and child in your entire country, how do you spend it? That’s a problem most would love to have — which is why more and more countries are setting up their own versions, with the Philippines' launching one in July.
