In 1969, a Norwegian politician made a bold stand, halting his country from becoming just another oil-dependent, cursed nation. His decision laid the foundation for the world’s largest sovereign wealth fund.
June 7, 1905, Norway declares independence from Sweden**, with a population of 2.2 million. The economy is modest—fishing, timber, no major industry, no resources.
For decades, Norway remains poor**, relying on exports of fish and ships, with little else to show for it.
Christmas Eve, 1969, a seismic shift occurs**: Philips Petroleum discovers massive oil reserves in Norway’s North Sea, specifically at Ekofisk. Potentially billions of barrels of oil, and foreign oil giants rush in, eager for quick profits.
But one man stands firm**: Jens Evensen, Norway’s Minister of Industry—a lawyer and diplomat. He studies the destructive effects of oil wealth in Venezuela, Nigeria, Iran—corruption, inequality, cycles of boom and bust.
Evensen refuses to let Norway fall into the same trap**.
In 1972, Evensen helps craft the Petroleum Act**, establishing revolutionary rules: the state controls all resources; foreign companies must share technology and train Norwegians; no quick selloffs, no corruption.
The oil companies hate it**, threaten to leave. But Evensen stands his ground.
Norway creates Statoil in 1972**, a state-owned oil company—Norwegians controlling their own resources.
Prime Minister Trygve Bratteli and parliament back the plan**: oil wealth belongs to future generations.
By 1990, Finance Minister Arne Skauge proposes going global**: the government’s Pension Fund invests oil revenues worldwide, transparent and untouchable.
Strict rules**: only 4% of returns spent annually, never touching the principal. No politicians can raid it—ever.
By 1996, the fund hits $19 billion; by 2008, $400 billion; by 2024, $1.6 trillion**.
Jens Evensen passed away in 2004**, never seeing the fund reach a trillion dollars. But his unwavering stance against greed and short-termism built the richest nation per capita on Earth.
One man said no to greed, and changed everything.
