How Norway makes money for its citizens

Nikolai Tangen lived in London for more than a quarter of a century, where he eventually founded his hedge fund AKO Capital and became a multimillionaire – The Sunday Times estimates his fortune at $ 700 million.Since September, Tangen has been managing the Sovereign Fund of Norway – officially his position is called the General Director of the Central Bank’s investment management Norway Norges Bank Investment Management. The new work cost Tangen dearly.

As the Norwegian newspaper Dagens Næringsliv wrote, Tangen “is literally ready to give billions of crowns to become a civil servant in Norway.” For a new job, Tangen sold his share in AKO Capital, moved to Oslo and transferred all his capital to his homeland. As a result, his salary of NOK 6.65 million per year (about $ 790,000) will be less than the wealth tax he will have to pay – about NOK 70 million per year.

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