Unlike Most Millennials, Norway's Are Rich (bbc.com)

An anonymous reader quotes a report from the BBC: Best known for its Viking history, snow sports and jaw-dropping fjords, Norway is making a new name for itself as the only major economy in Europe where young people are getting markedly richer. People in their early thirties in Norway have an average annual disposable household income of around 460,000 kroner (around $56,200). Young Norwegians have enjoyed a 13% rise in disposable household income in real terms compared to Generation X (those born between 1966 and 1980) when they were the same age. These startling figures come from the largest comparative wealth data set in the world, the Luxembourg Income Database, and were analyzed in a recent report on generational incomes for the UK Think Tank The Resolution Foundation.

Compare this with young people in other strong economies: U.S. millennials have experienced a 5% dip, in Germany it's a 9% drop. For those living in southern Europe (the southern Eurozone suffered the brunt of the global economic crisis in 2008), disposable incomes have plunged by as much as 30%. Norway's youth unemployment rate (among 15- to 29-year-olds) is also relatively low at 9.4% compared to an OECD average of 13.9%. According to the BBC, this can be attributed to the country's rapid economic growth, thanks largely to their huge oil and gas sectors. "After seeing the biggest increase in average earnings of any large high-income economy between 1980 and 2013, it now leads multiple global rankings for wealth and wellbeing."

Comments

Blame Evil CO2

[LynnwoodRooster]

According to the BBC, this can be attributed to the country's rapid economic growth, thanks largely to their huge oil and gas sectors

So we're to celebrate the fact that Norwegian millennials are rich because they are Raping Mother Earth?

Re:with over 70 percent of companies having 50 emp

[PopeRatzo]

Socialism is by definition incompatible with Nordic Social Democracy model. We categorically reject all main cornerstones of socialism, and instead go for market economy with high taxation that funds the baseline income level and services.

You can gripe all you want, Anders Breivik, but the fact is that what you have is socialized medicine, socialized education, socialized welfare system, socialized retirement, and highly regulated corporations.

That's socialism, bro.