Norway Tops Table of Dollar Millionaires

It used to be a country of fishermen struggling through the Arctic winter but now Norway has turned itself into a land of dollar millionaires, with more per capita than any other country in the world.

One in 86 Norwegians now count their net worth in seven figures, according to a report by Merrill Lynch and consulting firm Capgemini. In a country of just 4.7 million people that means close to 55,000 people are now enjoying the high life.

This new-found wealth is in stark contrast to the nation's long tradition of social equality, where until recently it was frowned upon to be different - and richer - than your neighbor.

A flourishing economy, driven by oil and gas, and rocketing share and house prices are behind the increase.

"In 2006 the Oslo stock exchange was very good and real estate prices saw a steep rise," said Roger Gullqvist from Capgemini.

Mr Gullqvist said he was surprised by Norway's wealth, especially compared with its neighbour Sweden, which has close to double the population of Norway but 6,500 fewer millionaires. "There aren't as many big corporations in Norway as there are in Sweden. In Norway it is more of a culture of small firms being built from scratch and then sold on to bigger companies," he explained.

But Norway is expensive. Oslo, where a pint of beer costs £5, is the world's most expensive capital according to the Economist. Dinner for two in an average restaurant can easily cost £200.

Norway's millionaires make up only a fraction of the worldwide total. The report said there are now 9.5 million people worldwide who have net assets (not including primary residences) of more than $1m (£493,000). This group, 0.14% of the world's population, owns around one-quarter of global wealth.