Can you become wealthy in Norway

Can you become wealthy in Norway?

Asked on July 12, 2019 in Finance.
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If you’re living in Norway, it’s actually fairly uncommon not to be wealthy.

As long as you have a full-time job, you’ll probably be making at the very minimum something like $35,000/year. At least I haven’t heard of anyone making less than this in a full-time job. This is approximately the same as the average salary in relatively rich countries such as Italy and Japan. In most parts of the world, this would be considered wealthy.

If you have education and a good job, salaries above $100k/year are not uncommon. In most countries, this would be very wealthy.

Most established families living in Norway probably have houses that cost $500,000 or more and total assets of more than $1,000,000.

Then there are those who are wealthy even by Western standards. Norway has among the highest concentrations of billionaires and multi-millionaires in the world.

Yes, it is possible, if you fulfill several criteria:

1. You are an inborn Norwegian

2. You are a member of a wealthy family and inherit a capital in any form

3. You have brains and excellent social skills

4. You have a wide and powerful network

Otherwise, you will only be an “ordinary” middle class, hardly making ends meet. Though salary is pretty high in Norway compared to other European countries and the US (netto average of 2900 USD per month as for 2016), the life costs are very high too. For example, the average house price is 4700 USD per square meter, and most people who buy would pay at least half of their month salary to the bank (if you rent you would pay the same in rent). Out of what is left you will need about 480 USD to spend on food (per person), 600 USD on municipal services (like water, electricity, phone, internet etc), about 180 USD on your car and house insurances, then if you took higher education you will probably pay 250 USD for your study loan… Don´t forget of course the gasoline with prices almost 2 USD per liter. And if you do not have kids you are lucky, because that´s where the real costs start! Out of the rest (if you have anything left) you can feel free to spend money on clothes, entertainment, public transportation, doctors etc.

So, you can decide yourself how easy it is to become wealthy in Norway.

Answered on July 12, 2019.
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