ELIF: Why do Nordic countries have so many billionaires per capita?
In: Economics
They only let rich educated people in and some of them (Norway in this case) have a plethora of natural resources that allows them to have tons of money for entitlement programs.
Where would you wanna live if you were a billionaire?
There are many reasons. Higher education is free (tax paid), which makes people smart enough to run a business and do it well. We have a a public legal and tax system that makes it very easy to start and run businesses without a bunch of paperwork and lawyers (it’s almost all digital and very easy). It costs some money to start a business. Since the wealth is spread out more, it’s easier for more of us to start a business should we want to. We also have a huge safety net should we fail. So you can try and fail at starting a business many times without having to worry about putting food on the table. We also have low corruption which means more of our money can go into actually creating good businesses rather than paying for priveleges.
Lastly, we’re relatively small countries which makes it easy to create all these good things outlined above. It’s easier to help the population and for the citizens to make it better since it’s just less to manage. If I want to change something, I can probably get just 5000 signatures and change it. That will not happen in a big country like the United States.
Latest Answers