Why Scandinavian Countries Are So Rich? (Norway, Sweden, Finland, Denmark, Iceland) | Economics

Why the Scandinavian Countries (Norway, Sweden, Finland, Denmark, Iceland) Are So Rich?
We have explained the Economics of Scandinavian countries in this video.

Probably many people have ever wondered why the Scandinavian states are so rich.
Sweden, Norway, Finland, Denmark and Iceland together enjoy a very high standard of living.
This fact surprises many people from all around the world and makes them wonder “why”.
The factors that contribute to the wealth of Scandinavian countries are varied and complicated and cannot be described in a few sentences.

Also watch:

[Halli]

There are only 3 Scandinavian countries (NO, DK, SE) - the title should be "Why the Nordic countries are so rich".
To the point: We are not rich, we are just NOT poor but well off, mainly because we care about each other and equality is high.
Iceland is NOT in the process of joining the EU but, like Norway is in the EEC and EFTA, which works better for them.
This video, while correct on many counts, is woefully full of errors and is missing many important facts.
It is superficial at best, and badly researched.

[hannadegerlund]

Finland is not in Skandinavia... greetings from Helsinki🇫🇮👍

[kimrnhof]

two factors that are depends on each other are very important to 1) they all have very low corruptions levels and 2) this is due to they all have very good strong democracies - that use promotional election methods, you can gerrymander in Scandinavia - it just won't work, as parties are represented in parliament very close to their percentage proportion in the population. It is therefor very difficult for a single party to form a majority coverment - they usually have to compromise - so the polarisation you se in the UK and USA is much smaller in the Nordic countries.

[Valjeandk]

"Quite limited alcohol consumption"?
That's news to me.

[gumidtg]

Theses countries are the Nordic Countries, not Scandinavia. Time to learn ? (Scandinavia is Denmark, Sweden and Norway.)

[kristinn]

Iceland is not in the process of joining the EU...

[mattileppanen]

Poor knowledge, many actual fails. Start first to make your shelf aware what's the difference between 'Scandinavian' and 'Nordic' countries.

[jannyboe]

The distribution of welfare via taxes are the main reason. This creates equality because the rich does not get too rich and the poor does not become too poor. This distribution makes people able to buy what they need and to make savings. High poverty creates high crimerates just as in USA and other countries. Naturally the very rich does not like to pay taxes but they still have a surplus when taxes are payed. Also they benefit from the well educated and very healthy population to work for them. So they should really not complain.

[kkNORWAY]

If you boast freely and glorify your own country, it sounds like propaganda. I admire people who can express criticism for their own country. Almost everyone gets praise for and shows that they have the ability to and also include the critical aspects of their own country,

but as soon as a person from Scandinavia criticizes and tells disadvantages about their own country, he/she is labeled as someone who has problems with themselves, many Norwegians get angry when they hear other Norwegians criticize their own country, also many people abroad who have not been to Norway. I have the same right to express dissatisfaction, I mean, as people from, for example, France and Germany and Spain without being provoked. These countries that are listed here, they can show criticism and are admired and seen as brave, these are also western countries that are good and live in, but everything is not perfect, the same applies to Norway, everything is not perfect

I have posted alot of comments in this video and in other videos, and I am told I have a problem and no reason to complane, and people say «just emigrate then» in some videos, well, I don’t know where its better or whorse, there are many things that play a role, not just materalism, and not all Norwegians are millionaries, and you need money to emigrate, you need to apply for residence to move to an other country, tourism is one thing, but to move parmanently there is alot of paper work to organize, people that say «just emigrate» in other countries, why don’t they emigrate themself to Norway ? Is not free for us either, and we as well as them must apply for premission to live abroad, and family and friends and co-workers hold me back in Norway, I don’t want to leave them, if I didnt had them in my life I might consitering to try an other country, pleace NOTE the word MIGHT. I am not sure about it, but I would MIGHT do it, I have no other country to compare with, so because of that I have no right to judge where if it would make life more or less good or bad. There are Norwegians that lives in poor countries and have a salary that they can survive on, but still not a good salary

Alot is good about Norway, but alot is bad also, and when you evaluate a country, don’t just make an opinion about money, there are so many things that play a role, weather and mentality is also an important thing to remember when one evaluate where its best to live, you must see thing in a large perspective, not just in materalism, alot of things play a role, and a YouTube video and a Wikipedia page don’t explane all the detales, you need to reserch the detale, othewise its out of contest. The system looks better than it is in reality on the paper. All countries in the world have some propaganda, some more than others, but there isn’t a country that dont include any propaganda

[marttifrantti]

Finland and Iceland for one not part of Scandinavia but are part of the Nordic countries.

[lucasaraczudar]

Nordic people are spending more time outdoors in the coldest winters than most southern european people do in the summer... And working overtime is not a thing here. Great work/life balance. A lot of points are off in this video

[marie-louiseleroux]

The Market Is about To Crash; I believe the equity markets to be significantly overpriced and feel a severe correction (25% plus) within the next 2-5 months is very plausible. Any sage advice for someone ready to start investing would be greatly appreciated.

[quark]

Well, Finland does not make so much mobile phones anymore.... Lots of wrong facts in this video....

[ulfcarlfinnes]

Propaganda. We in Norway, Sweden and Denmark are Scandinavians and why we are "richer" than others has the same reason as in a beehive. Some bi-breeds swarm a lot and do not collect honey, others are more concerned with defending themselves, while the Nordic bi-breed is known for being calm and diligent worker bees and I think the same applies to us Scandinavians. Now we can hope that this characteristic is not destroyed by this forced globalization.

[deadcrow]

Today i learnt that Iceland and Finland are Scandinavian countries.

[jacobmarquard]

This is so wrong, Sweden and Norway has severe restrictions on alcohol sale, with special state shops, while Denmark has a very liberal alcohol culture, where alcohol are cheap and available

[juhakivimaki]

being a rich member of the EU has cost Finnland more than it has gained.

[jangelbrich]

The Nordic countries are rich only now, since the 1930s or so. Before that they were utterly poor for centuries, because there was no or few industry, and many people emigrated in the 1850s to America because there was "no future" at home. People on the countryside were paid with "sprit" instead of money and drank themselves to death which is why they avoid this today so much. The Swedish term "Fattigsverige" (Poorsweden) is a synonym for a grim old dark history trauma to be avoided at any cost ...

Some say that one factor for stability was the absence of war since 1800 by large, with the exception of WWII which spared only Sweden from German occupation. So one might think people were too peaceful minded and too few to fight a war. I would say that they had no more war because they were so poor = could not afford war. They had some defense against Russia, but Russia reached its ultimate expansion with the "incorporation" of Finland (from Sweden) into the Baltic Sea. This geostrategic history is still a factor here, unfortunately once again recently.

[kkNORWAY]

What is funny is that some people believe that all nordic people are millionaries. Thank God most of us are not. I am a middleclass norwegian, I live alone, I have 30 years of loan for a 80 square meters middleclass apartment, I live in the village, not in a city, I can not buy a new phone every year, most of my furniture are reuse, I can not afford a car, and I don’t eat luxary food everyday, I am not poor, I have a job and plenty of food, but many Norwegians lives like that.

Abroad people think I can afford everything and think I can travel wherever I want and whenever I want, but I can not. My goal is not to be rich, I wanna have a job that makes me happy, I do for a living something I like, not something that makes me rich, money don’t make someone happy. If you have a bed, your lucky, if you have access to hygiene and enough food you are lucky, if you can’t afford a televition you are NOT unlucky, its not a human right to have a televition and an expensive phone. I travle ones in a while, but not every year, I was in Lithuania some years ago, I have been there 3 times. The hotel I stay in is the same hotel all the 3 times. Its a 3 star hotel (3 EU stars), and I meet a woman there, she is lithuanian, I saw her every time I was there, she live in the hinterland of Lithuania, but goes on holiday every year at the sea shore of Lithuania . The hotel I sleep in is splitted up in separate areas, one area for budget rooms, one for standard room, one for superior rooms, and one area for suites. I saw her in the corridor for the budget rooms and she say «wait a second… do you live in this corridor?» and I say «yes», and she say «you know that this is the budget room area of the hotel?» and I say «yes» and she say «why are you so greedy and live in this area?» and I say «well that is the only part of the hotel I can afford» and she say «no way, I don’t believe this, you are a norwegian, you can afford something more expensive than this» and I say «no I can’t» and she say «really??» and I say «yes» and she say «I thought every Norwegians could afford something better than this». I hate to see how people think that we are so rich, not all of us are. This hotel was one of the cheapest hotel in Palanga, and a superior room was cheaper than a norwegian standard room, and I could afford just a BUDGET room, it only show how misunderstood middleclass norwegian economy is. I am sattisfied with my economy as it is

So in case someone wonder, this is how a single middleclass young norwegian person with one income lives😊, if its a couple with two income they can afford car, and a single person with MIDDLECLASS economy might afford an old reuse car WITH alot of dept, but most single people that I know that are middleclass and no girlfriend or boyfriend don’t own their own car before they turn 40 - 45, and before that they just rent a car ones in a while or use someone else car ones in a while. I don’t know any person that are single and under the age of 40 that have their own car. I know middleclass couples under the age of 40 that have their own car, and some RICH people that are single that have their own car, but not people that are SINGLE and MIDDLECLASS and under 40 at the same time

Having your own car in Norway
Middleclass couple = might have
Middleclass single under the age of 40 = probably not
Rich and single and under the age of 40 = might have

A polish man that work in Norway told me that the middleclass salary in Norway is much better than the polish middleclass salary, but still, the pricelevel is also much higher in Norway, so the standard of living of polish middleclass and norwegian middleclass is the same. But many polish people come to Norway and live here for a while to save up some money, and live very simple while they are here in Norway, even more simple than they are used to in Poland, living like lower-middleclass, to save the money in Norway, and live as cheap as they can, and only buy the most nessesary things, than go back and living a more luxary life in Poland. They like live part of the year in Norway, and part of the year in Poland. I am glad that they come here, I like them, they are very open and inclusive, and bromantic😅, and we need more people here, we are not enough people in Norway, thats why we recruits workers from other countries to and commute between their own country and Norway. I like their culture, and Regarding rights, many of the values ​​we have in working life today are aftereffects of trade unions, and a great inspirer of Norwegian trade unions is Lech Wałęsa. So purely indirectly, you can say that some of what has made our working life relatively fair is partly based on a Polish man 🇵🇱🇳🇴❤️

[johannesnielsenjohnbates]

Finland and Iceland is NOT a part of Scandinavia. Scandinavia is only Denmark, Norway and Sweden. What you’re talking about is the Nordic Countries.