Norway's Oil Fund Chief: Europeans "Less Hard-Working" Than Americans

Nicolai Tangen, the head of Norway's $1.6 trillion sovereign wealth fund, has sparked controversy with his recent comments claiming that Europeans are "less hard-working" and "less ambitious" compared to their American counterparts. Tangen's remarks come amid growing concerns in the UK and Europe about the struggle to match the thriving US stock markets.

According to Tangen, Americans are more willing to take risks and embrace second chances after failure, while Europeans tend to be more cautious. He pointed to the increasing number of high-profile firms moving from London to New York as evidence of this trend. The wealth fund itself has shifted its investment priorities, with half of its assets now invested in US stocks, up from a third in 2013. Conversely, the fund's holdings of British shares have shrunk.

Why this matters: Tangen's comments highlight the growing financial gap between the US and Europe, with potential long-term implications for global investment trends and the competitiveness of European markets. The shift in the Norwegian wealth fund's investment strategy reflects a broader trend of capital flowing towards the US, which could further exacerbate the disparity between the two regions.

Tangen also expressed concerns about the legal framework in Europe, suggesting that American CEOs view tough regulations as a hindrance, particularly in the technology sector. Despite the potential return of Donald Trump to the US political scene, the Norwegian wealth fund remains committed to its significant investments in US stocks, which generated strong returns in the previous year.

Key Takeaways

• Tangen, head of Norway's $1.6T wealth fund, claims Europeans are less hardworking than Americans.
• Tangen cites Americans' risk-taking, second chances, and US firms moving to NY as evidence.
• Norway's fund has shifted investment, with half in US stocks, down from a third in 2013.
• Tangen expresses concerns about Europe's legal framework, viewing it as a hindrance for CEOs.
• Tangen's comments highlight the growing financial gap between the US and Europe.