They're pretty smart people, though. It's amazing that more governments don't set aside a part of their revenues for the next economic crisis. They're the ones who'll survive financial crashes and resource depletion long after everyone else is left floundering.
You're clearly not in finance, Findlay. That Norwegian "Petroleum Fund Global" is the talk of town. It's an extremely activist - as well as large - investor.
Now it's called The Government Pension Fund Global to indicate that it is primarily intended for future generations, and thus reduce the temptation among politicians to spend more money than the economy can absorb.
Too high spending, and inflation will go through the roof, while the competitiveness of Norwegian trade and industry goes through the floor.
According to a wildly supported Parlaiment (Storting) decree, any government is allowed to include only a part of the yearly return of the fund in its budget. Of course, given the figures involved, that is still a sizeable amount, if international financial markets have not been released.
For further referance, see https://www.nbim.no/en/publications/reports/2017/annual-report-2017/
Except for China and Singapore, seems like significant oil and gas production, at least significantly nationally-owned; smallish (citizen) populations requiring social and physical infrastructure; and somewhere between low and incomplete levels of corruption (because if corruption was overwhelming, money wouldn't find its way into such funds)?
Still, oil is a pretty significant factor. Many of the other industries in Norway are made possible by the oil wealth which made Norway so highly developed.
The Netherlands discovered a huge underground gasfield in 1959 but decided "You know what? We'll just spend it all now and make it look like we're doing really well!" You know who else used to do that? Venezuela
Too high spending, and inflation will go through the roof, while the competitiveness of Norwegian trade and industry goes through the floor.
According to a wildly supported Parlaiment (Storting) decree, any government is allowed to include only a part of the yearly return of the fund in its budget. Of course, given the figures involved, that is still a sizeable amount, if international financial markets have not been released.
For further referance, see https://www.nbim.no/en/publications/reports/2017/annual-report-2017/
Yes, they exist.
And they are well known.
But the hardly make the top 20 in the world.
It helps, yes. But trust me, Norway is not as rich just because of oil.