/biz/ - Business & Finance

Its interesting, the average Norwegian has an incredible high net worth (approx household net worth is 285 780$) but 90% of that is based on insanely high house values and big amounts of debt. The Norwegian people stumbled into wealth by accident because we have a culture of owning our own houses here (95% own their own house, nobody rents) when the housing market went crazy, Norwegians became wealthy.

But it is a terrifying thought that if there is a housing market crash 50% of people's money might disappear over night. They have no other valuable assets, and they spend EVERYthing they earn on stupid shit. Now that immigration is slowing down, house prices have gone from increasing an average 15% yearly to only 2%.