Are the World's Smartest Investors Norwegian?

An item in Wealth Bulletin wonders why one finds so few private banks in the world's second richest country.

Well, Norway's population isn't large, and the relatively small number of rich people may send their money to Switzerland.

But there might be a more legitimate reason why many wealth managers steer clear of Norway – and is to be found in the performance of the country’s sovereign wealth fund.

Last week, that fund, one of the biggest in the world with more than €300bn under management, said it returned a very impressive 13.5% in local currency terms in the third quarter of the year.

The fund is run by external managers, but with a great deal of input from local experts. Most wealth managers would have been hard pressed to deliver these returns during the same period.

So maybe Norwegians feel they simply can't afford to entrust their fortunes to "world class" investment management.

NORTHERN NORWAY
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