Norway can claim the most millionaires in the world

Thursday November 08 2007		First published: 11 Jul 2007, 10:32

Norway has more millionaires, measured in US dollars, than any other country in the world in terms of its size.

Crowded boat marinas, like here in Oslo, are just one illustration of Norwegians' increasing wealth. PHOTO: OLAV OLSEN The exclusive residential areas of Bygdøy and Frogner in Oslo are accessible for more Norwegians, sending real estate prices up even higher. PHOTO: OLAV FJELD HASSELKNIPPE

No other country has more dollar-millionaires per capita than Norway, Roger Gullqvist of Paris-based consulting firm CapGemini told newspaper Finansavisen.

A new study compiled by CapGemini and Merrill Lynch showed that

one out of every 86 Norwegians has more than USD 1 million (about NOK 5.8 million at current exchange rates) in net worth even when the net value of their primary residences is excluded

.

"When viewed in relation to the size of the population (around 4.6 million in Norway), there’s no other country that matches that level," Gullqvist said.

Norway also has the largest number of dollar-millionaires of all the Nordic countries, which includes the three Scandinavian countries of Norway, Denmark and Sweden plus Finland and Iceland.

The report counted a total of 54,810 dollar-millionaires in Norway, nearly 6,500 more than in Sweden even though Sweden's total population is nearly double that of Norway's.

The number of dollar-millionaires in Norway rose 9.7 percent last year. That's also a faster rate of growth than the world average of 8.3 percent and the European average of 6.4 percent.

CapGemini attributes the large number of Norwegian dollar-millionaires to the country's strong economy and a booming Oslo Stock Exchange. "Most of the new Norwegian dollar-millionaires have earned their money on shares and real estate," Gullqvist told Finansavisen.

The rising levels of affluence in Norway also reflect the small country's economic growth since the discovery of offshore oil in 1969. High oil prices the past few years sparked an unprecedented boom in Norway's offshore industry, and in the economy in general.

(http://www.aftenposten.no/english)