About this ebook
A nurse in northern Norway owns a sliver of Apple, a piece of a London street, and shares in banks on three continents, without ever buying a single stock herself. She is one of five and a half million citizens who together hold the largest sovereign wealth fund on Earth, built from oil discovered under a sea most geologists once swore was empty. This book tells the full story behind that fund: the Christmas Eve well that struck one of the richest deposits in the North Sea, the Iraqi immigrant engineer who helped Norway avoid the mistakes of his own country, and the fiscal rule that lets politicians spend only the fund's returns, never its capital. It also explains why almost no other resource-rich nation has managed the same trick, from Britain's vanished North Sea windfall to Venezuela's squandered reserves and the opaque royal funds of the Persian Gulf. Written for readers with no background in finance, it turns one of the most successful economic experiments of the last half century into a clear, engaging lesson about patience, institutions, and the discipline to leave a treasure untouched.
A nurse in northern Norway owns a sliver of Apple, a piece of a London street, and shares in banks on three continents, without ever buying a single stock herself. She is one of five and a half million citizens who together hold the largest sovereign wealth fund on Earth, built from oil discovere...
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