The equality between men and women causes very positive impact on the economy. Nobody can deny that it is important not only how exactly developed is the country, but also what kind of wealth distribution policy is being held. Is Sweden a rich country? The European Union is a guarantee that countries will never be “hungry” for high and low skilled workers. Sweden is known as the country in the world where women rights are most respected. One key distinction between Sweden and other countries is its combination of citizen engagement, high ambition levels and international solidarity. The foundations of this way of thinking are placed during the early childhood. 5. Singapore had to invest heavily into education because apart from the port, humans were the only natural resource available. This fact with certainly has its positive impact on crime. We'll email you when there are new posts here. The good professor finds three quantifiable reasons that may explain why taxes in Scandinavia are high, yet the incentives to be productive remain. A country is rich when its people are rich. It is also a guarantee that goods and services producing in these countries will have a much bigger market in comparison with their own. Highly recommended reading if you have some time on your hands and want to learn more about this particular corner of the world: http://www.libertarianism.org/publications/essays/how-laissez-faire-made-sweden-rich. The cold climate has built a completely different habits in the Nordic people. This means that the population has very high GDP (gross domestic product) per capita. They can twist the media, elected officials, and government agencies to do their bidding. A helping hand from nature. This is Why I get so frustrated When talking to Americans! This causes people to find indoor activities, to indulge in work, learning and other forms of self-perfection in order to go faster through the freezing and depressing winter months. They're also really only so amazingly equal a society after taxes. Swedish benefits are the best in the world. Norway is a global manufacturer of oil that is extracted from the bottom of the North Sea. And while other states from all around the world face more and more ruthless and serious global competition, the Nordic states become richer and year after year increase their international influence, turning Scandinavia into one of the most significant figures in the global economy. The good institutions argument also could help explain Switzerland's banking success - you could store your wealth there with little fear of its being stolen by the government of the day. It was not socialist policies that turned Sweden into one of the world’s richest countries. This makes swedes totally obsessed with the sun! Enter your email address to get email alerts about new posts on this site. Only Norway is not a member of EU but maintain very close economic relations with the community. There are probably hundreds of other reasons besides these for the welfare and prosperity of the Nordic countries. Unsubscribe anytime. It is fueled by oil and gas exports which not only makes it extremely efficient and stable, but also helps it to be one of the richest countries … That is the main lever, which has made countries like Sweden, Norway, Finland, Denmark and Iceland so successful. Sweden, Norway, Finland, Denmark and Iceland together enjoy a very high standard of living. Its position on the planet has been beneficial to Norway in many ways. students) and low-income people. So what’s the secret of Sweden’s success? Increasingly, studies also point to Sweden as a country characterized by high intergenerational mobility of income. So, yes, our income taxes in Sweden were higher than in the US, but we still paid less than one-third in tax. Probably many people have ever wondered why the Scandinavian states are so rich. And you get far more for your taxes than you do in the US. Thus, generally speaking, the Nordic countries form strong nations consisted of ambitious, confident and calm people and this is probably the biggest wealth of these countries. Sweden, Norway, Finland, Denmark and Iceland are countries with cold and dark climate. Because of this reason the lifestyle is absolutely different in comparison with the summer holiday atmosphere which prevails in South Europe. but are you sure you're not thinking of switzerland? Being a socialist country, Sweden has some amazing benefits for workers, citizens, and foreigners alike. Income-distribution and wealth distribution are however not the same thing. Because of this reason the population in the Nordic countries is more functional economically. So what ... Across Scandinavia, the average price of everything from a knitted roll neck to pastries from the local bakery are some of the highest in the world. 1. This same concept has seamlessly seeped its way into more formal business settings. A number of factors have helped make the country’s capacity for innovation so strong: #1 Education Sweden introduced elementary schooling for all as early as 1842, and the first university was founded back in 1477 in Uppsala, 15 years before Columbus set sail for America. 4th reason: Sweden, Norway, Finland, Denmark and Iceland are countries with cold and dark climate. Coffee is king in the north. What some may not know is that wealth-inequality is relatively high in Sweden. As an actual Scandinavian I have to tell you (though it’s unbelievable that you’ve lived in Norway in more than a day and you still don’t know this) that ONLY Norway, Sweden and Denmark are Scandinavian countries! As a whole the government intervention is considered to be very unfair and unpopular. And the best way to achieve this goal is by promoting entrepreneurship among the population. These reasons cannot be described in a few sentences. Because of this reason the lifestyle is absolutely different in comparison with the summer holiday atmosphere which prevails in South Europe. That’s because a … Sweden's waste recycling progam is so successful that they've been importing — yes, importing — about 800,000 tons of trash a year from the rest of Europe. Iceland is famous for the export of fish and fishery products from the rich Arctic waters. In the Mediterranean countries, because of the hot and lazy weather during the summer season people spend a lot of time outdoors. Yeah okay, the idea of a swedish summer day is wonderful. For these countries is relatively easy to satisfy their own needs and at the same time to export high quality goods and services. In Scandinavia are some of the larger European countries that are also among the countries with the lowest population density in the world. And so another league table has confirmed what has become a truism: that when it comes to prosperity, Scandinavia rules the roost. To a large extent the wealth of the Scandinavians is a result of financial and tax policy. The sectors of telecommunications, pharmaceuticals, and the automobile industry also help power this nation’s strong economy. Sweden is known for income equality. Despite its small territory, Denmark is among the leading food producers in, as well as one of the world leaders in the production of renewable energy. The unbearable summer heat, especially in July and August, makes people almost unable to work. In 1763 Anders Chydenius, a young priest from Österbotten in Finland (then part of Sweden), sat down to write his contribution to an essay contest. No permits no problems. Most start with … It will not be an exaggeration to say that these are the countries with the lowest crime rate in the world. "Good relationships with foreigners"- Singapore literally became independent by being EXPELLED from Malaysia in the north, and was under the threat of being annexed by Indonesia in the south. These countries are bordered by the Atlantic and Arctic Oceans, North and Baltic Seas.