Where in the world is it easiest to get rich? | Harald Eia | TEDxOslo


Translator: Zsófia Herczeg
Reviewer: Queenie Lee Where in the world
is it easiest to get … rich? That’s the question I asked my professor
when I studied sociology in the early 90s because he was having a lecture about social democracies,
the Scandinavian welfare state, and he was a classical
left-wing sociology professor, and he could not hide his enthusiasm when he talked about
these egalitarian societies with no rich people and no poor people. But I, on the other hand, I was writing
my master’s thesis about rich people. When I interviewed my informants
from the upper classes, they all said the same thing: “Life in Scandinavia is tough.” (Laughter) “We have to work twice
as hard to earn money because we have to struggle against: high taxes, strong unions controlling the wages and a generous welfare state
that makes people lazy.” As one rich guy told me, he said, “They call it
a social security net. Well, I call it a hammock.” (Laughter) And as every aspiring social scientist,
I started to go native; I started to feel sympathy
for these rich people. And that’s why I raised my hand
and asked my professor, “Well, what if you don’t care
so much about equality? What if your dream is to become rich? Where in the world should I have been born
to become really rich?” I still remember the puzzled look
on my professor’s face. But he answered the best he could. Something like,
“Well, if that’s your goal in life, you should probably
have been born in a society with free markets, low taxes, and minimal government intervention. And he added, “If you want to become rich, you should probably not study sociology.” (Laughter) That was a good answer
and the best guess we had back then. That is until I saw that the University
of Oslo professor in Economy, Karl Moene, actually had checked the facts: “Where in the world
is it easiest to get rich?” And before I share with you where you should go to earn money, we have to define “rich.” The UN talks about the poverty line. You know, if you earn
less than one dollar a day, maybe two dollars a day. But we have to define the richness line. It’s a more fun line, actually. And the most reliable report,
when it comes to rich people, the Wealth Report, they set the richness line at individuals with net worth
more than 30 million USD. In the consultant jargon,
these people are called UHNWI’s. That is Ultra High Net Worth Individuals. That guy, by the way, is not rich.
He is just a model. (Laughter) Actually, on the lower part of the model. (Laughter) And I have saved some money
by keeping the watermark there as well. (Laughter) Smart. (Laughter) (Applause) So, according to The Wealth Report, there are more than 170, 000 UHNWI’s in the world. And here is the top five list
of countries with the richest people. Number five: China, with more than 8,000. UK, Germany, Japan, and on top, of course, the United States
with more than 40,000 rich people. But of course, we are not interested
in the absolute numbers here. We are interested in rich people
per capita, per million inhabitants. And if we leave out the pure tax havens, like Cyprus, and Switzerland,
Hong Kong, Singapore, Monaco – where we have an artificially
huge share of rich people – it turns out that we have
on number 5 Denmark – with 179 rich people
per one million inhabitants – Canada, New Zealand, Sweden
and on top: Norway. (Laughter) But where’s the US? On place 13. So what happened to my old professor’s,
you know, social democracies? There are no rich people there. But OK. 30 million dollars, that’s just pocket money
in a country like the US, where people can get insanely rich. (Laughter) Look at the watermark again? (Laughter) So, let’s raise the richness line
up from 30 million dollars up to … 1 billion dollars. And the most reliable source here
is the Forbes billionaires list. And according to the Forbes, if you look at billionaires
per million inhabitants. Number 5, Germany: 1.2 billionaires. 1.2 billionaires per million inhabitants. The United States 1.7, Norway 2, Sweden, and on top Iceland with 3.1 (Laughter) With a single billionaire:
Thor Björgólfsson. (Laughter) (Applause) He could have been a model. (Laughter) But the point is, the United States: 1.7
Scandinavia taken as a whole: 2.1 And the big mystery is … How can this be? How can Bernie Sanders’ dream societies, these socialist paradises be such a breeding place for rich people? (Laughter) That’s a mystery. (Laughter) There are two reasons. Reason number one is free education. Social democracies give free
higher education to everybody, and cheap student loans, and grants. That enables more people
to use their talents and earn money. We can see this
in the social mobility numbers. Imagine all fathers in a society, and we divide them into five groups
based on income: from the bottom fifth up to the top fifth. Then we look at their sons, and divide their income into five steps, and we see how many sons of the fathers
from the bottom income end up on top. How many sons go from rags to riches? If it was perfect social mobility, if talents and opportunities
were equally distributed, 20% from the bottom would end up
on each of these five ladders. So let’s look at the numbers
for the different countries. In Denmark, they are pretty close
to perfect social mobility with 14% that goes from rags to riches. In Norway 12, Sweden 11,
the United States 8. Because of free education, there are more self-made men
in Scandinavia than in the US. And if we look at those sons who don’t
end up on top but stay at the bottom, that go from rags to rags. Again, 20% would be perfect mobility. In Denmark, 25% ends up at the bottom, Sweden a bit more. Norway. And look at the United States. This is because education
in the United States is very expensive. But the second and
most important explanation for Scandinavia being such
a breeding place for rich people is this: Have you ever noticed
if you have been to the United States, when you drive around
and drive through a toll plaza, there are actually people sitting there
taking your money. Compare that to my local toll plaza. (Laughter) Just a sign with some
gizmo attached to it. And when you go to a supermarket
in the United States, there are actually people there helping
to pack your things into your bags. It’s very friendly and convenient
compared to my local grocery store. Like this. (Laughter) There’s nobody there. (Laughter) The biggest shock I had
when I went to the US for the first time, when I went to the restroom, there were actually people working there. Compare that to my local public toilet. (Laughter) There’s not even a cleaner there;
it cleans itself automatically. And the reason for this difference is that Scandinavian unions
are pressing up the minimum wages. It’s so expensive to have
these people working there. In Norway, tollbooth operators,
supermarket packers, and a restroom janitor would earn almost three times
as much as in the US. And that’s why we have replaced
these people with machines. That is why I was surprised
when I saw this article in The New York Times in 2014. Preparing for Chip-and-PIN Cards
in the United States. (Laughter) Because in the United States
people are still using paper checks as a method of payment, while Scandinavian banks have made us
start using Chip-and-PIN cards long ago. Because the minimum wages
here are so high. So Scandinavian banks can’t afford
having people manually control the checks. So Scandinavian companies, because of the unions
pressing up the wages, they have to downsize
and introduce new technology or else … they will go broke. And new technology increases
the productivity in a society, which in the long run
also increases profit. And on the upper end of the wage ladder, in the name of solidarity, Scandinavian unions hold back the highest
salaries of the skilled workers. So for example,
a Norwegian senior engineer – it’s my uncle, by the way. (Laughter) That’s why there’s no watermark there. (Laughter) Actually, he would look cooler
with a watermark, better. (Laughter) He earns, on average per year,
76,000 dollars, while his American colleague earns
more than 100,000 dollars. So American engineers … (Laughter) They are not only more good-looking,
but they are more expensive. Of course, this wage restraint
on high-skilled work is good for profit. So, the unions are in effect
subsidizing the capitalists. I wish I knew all this when I gave up
a career in social science because the beauty and the irony
of these findings, I think, is amazing. On the one hand,
you have my rich informants that complain about how hard
it is to get rich in Scandinavia. They had it all wrong. Not only is it easier to get rich
in a social democracy, but they are critical
to the very institutions that have helped them get rich. High taxes, which gives free education
and more talent into the economy. Strong unions that are helping
to increase productivity, and a generous welfare state
that makes the unions accept downsizing because they know that their members
will be well taken care of. So the unions cooperate
because of the safety net. So rich people are a bit like
Immanuel Kant’s famous bird, who thinks she could fly
even faster in airless space, forgetting that it’s the air itself
that gives her lift. On the other part
of the political spectrum, when Bernie Sanders is praising
Scandinavian societies, he forgets that these are not anti-rich
or anti-capitalist systems. Because the welfare state and the unions
work in tandem with capitalist dynamics. And I think that is the most
important lesson here. The economy is not a zero-sum game. We are in this together. And that is why Scandinavia
is a better place to fulfill the American dream … (Laughter) than America itself. Thank you so much. (Applause) (Cheering)

100 comments on “Where in the world is it easiest to get rich? | Harald Eia | TEDxOslo”

  1. Harshit Madan says:

    Scandinavia has better genetics as well, which is a HUGE factor. They have significantly higher average IQ than US.

  2. Ryan Pearsall says:

    10:40 BUSTED! I don't blame you cameraman..This is why I hope robots can take the place of camera men.. It's embarrassing getting labelled as as perv. I would like to see this attractive woman for a few more seconds but the camera guy couldn't let emotions get in the way of his job as he was emotionally embarrassed when the stunning blonde noticed him. Therefore, robots will be the only best options to to do camera work b/c we don't want creepy sociopaths as replacements who would smile and continue filming that hot blond with a noticeable bulge in his jeans..

  3. Becker's Rs says:

    Would you today try to make 30m in Norway or the US? Case closed

  4. Spiritual time traveller Ahead of time says:

    Take out any king of welfare people will use their ultimate brain 🧠

  5. Alvin Nguyen says:

    If there is no incentive to earn profits but rather spread wealth you will eliminate innovation

  6. Rahul R says:

    Poor Analysis, or perhaps presentation of idea was off, I felt the speaker is confusing co-relation vs causation. And making a uni variate or few insignificant variable analysis (high tax, min wage), ignoring population(demography and changes), historical levels, oil exploration(Capitalisms and socialism makes no sense if have used exploitation of natural resources to grow economy. Then your success or richness is no different than that of an Arab, or Venezuela in the past or libya under gaddafi, where education and lot of things were free.) I didn't find any reasoning why its a better system for anyone in free market to become richer by giving their wealth away except for those who are not bringing anything to the table and getting freebees. Unless what the video means is, it is easier in these countries to get rich by not doing anything. Moreover, we need to differentiate economies during analysis whom have abundance of resources like wood timber, oil, rivers etc with small population to compare economies which don't posses such things and grew. Also economies which are highly developed and rich due to oil eg. qatar or dubai, norway vs those due to technological innovation hard work and wealth creation say silicon valley or japan.

  7. Stephen M. Parsons says:

    So, get rid of Unions…

  8. siddanth rai says:

    Boring

  9. Rechila Westsverver says:

    Social mobility is more stagnant on an individual level in the US (perhaps), and on a national level in the EU. The poorest euro nations get poorer and the richest get richer. Basically, the Western Model is exhaust, eroding and soon collapsing. All this apparent affluency is visibly fading away, if you travel to China, UAE or Singapore, you'll understand it. The US is living on ghost money injections, the EU on uber taxation and government money redirectioning. Both will fall. Very soon.

  10. Anurt Ashmeda says:

    No muricas arer allowed here in scandinavia!

  11. Vincent Bielawa says:

    If you want to become rich, have rich parents. Or win the lottery.

  12. G dubb says:

    Well said. super presentation

  13. Pandaplutten says:

    Have your baby born in Norway!

  14. Sharing Lungs says:

    The interesting part is with a generous social safety net and “free” or cheaper education it allows for entrepreneurship. The ability to fail and keep going. The problem I see is Scandinavian countries have low populations and when scaling up I have doubts if their model can still work. The other issue is rampant illegal immigration in the US which can skew the labour market downwards.

  15. Héctor A. Leanza says:

    Compared to which State in the US? I am a Social Democrat as well and as you KNOW, inequality is rising in ALL Scandinavian Countries… Go an study Conflict Theory by Karl Marx, and then we can have a SERIOUS conversation.

  16. Richard Smith says:

    I gave him a like for having a good sense of humor.

  17. t h says:

    🤦🏻‍♂️🤦

  18. t h says:

    Socialism deceives

  19. Space Catboy says:

    scandinavia is getting rich off the oil from the sea,

  20. Eddie Andrews says:

    Interesting talk but he leaves out a lot of details and key political points and simplifies a lot of complex issues, including these two. First, millions of mostly poor people run to the US, not Scandinavia, which floods our generous welfare system and affects those stats. Maybe not after the first generation, but certainly after the second and even more so after the third generations, those income brackets are more fluid, as you would expect. Secondly, the US can't have the luxury of permanent high taxes, because we're 80% of NATO's military budget, which lets Scandinavia live in peace, almost for free, subsidized by the USA. Once those and other considerations are taken into account, including the rich cultural diversity, the opportunities in the US look better to most.

  21. Cepb 77 says:

    One note he is comparing the equivalent of one state to the whole USA.

  22. Supercool JA says:

    He should have classified the wealth by rich person by country. No hard science here, but the free education sort of makes sense. No proof that it is the main driver of wealth, but it certainly helps. Remember, those smart enough to go to university, usually find a way despite the high cost and those who barely made it through high school are incapable of learning even if university were free. Also, successful people do business all over the world, which completely changes the results.

  23. michael oguin says:

    Bernie Sanders should listen to this.

  24. Carlos Alvarez says:

    The county I live in, in Florida, is bigger than Norway . Scale matters per capita or not.

  25. Open Thought says:

    Such nonsense … small-scale, mono-culture and defense free-riding … are bigger factors.

  26. Alex Bainbridge says:

    New Zealand is only on that list because we let in the immigrants with the most money and they take all the good jobs

  27. Richard McQuerry says:

    When examining any of these statistics, you have to account for the massive immigration differences between the US and any other country on the planet. Especially, since the vast majority of immigrants to the US are coming in with very little capital or education.
    Sadly, for the presenter, if you do control for immigration the narrative he is attempting to create, is turned literally upside down. Proving that social mobility and personal wealth is, in fact, better in the US than in these socialist scandanavian countries.

  28. liopleurodon 155 says:

    5:00 Well, how can I know if I have a chance if I'm born in one of the countries he excluded…

  29. M SH says:

    Is that all you have learnt in your life and studies? You probably better give a conference how to be a good human. Yes, you're a good comedian, nothing more. I'm sorry for the people wasting thier time to become clever. They are all looking for a miracle. Another kind of sect.

  30. Bill D says:

    Really hate this dude. He calls Social Security a hammock. I can't write here what I call him.

  31. Rick Jones says:

    The speaker is correct that Scandinavia is not socialist as Bernie Sanders thinks but capitalist with high taxes and strong unions. But the only people getting rich or financially independent are very few people who happen to be the major shareholders of a large company. For the average college graduate who has a law, engineering, medical or business degree there is virtually no chance to become financially independent. Moreover, all of these countries are small and relatively homogeneous whose defense bill is picked either directly or indirectly by the USA and their neighbors.

  32. Focux says:

    Scandinavian countries aren't welfare states…

  33. Betty Schueler says:

    The rich are brilliant at convincing Americans that Socialistic Democracies keep people from getting rich.

  34. Aaron Silver-Pell says:

    my sympathies are not always with the rich because sometimes they get rich through scummy means, but the ones who are industrious really do have to work much, much harder.

  35. Viking says:

    Can't wait for the economic update after importing all those migrants…what are their jobs going to be? Besides bombers, rapists and haters of western culture at minimum wage. Not a mention of the homogeneous Scandinavian culture….whereas America has every sort of people. We only have 5% of the world's population and produce 50% of the world's inventions…but alas. We could also select out the same relative group(s) of Americans for a direct comparison and I'll bet the results would be very different. Like the stat that San Francisco has one billionaire for every 11,000 people!…I'm moving tomorrow! Oh Sh*t….never mind.

  36. radiogaga24 says:

    I am not sure the cause and effect follow…it might be interesting to think about the impact immigration might have on Scandinavian societies…I doubt if the system would survive high immigration from Asia / Africa

  37. Eric Roye says:

    Small homogeneous countries are different than large counties?!!!! We can cherry pick parts the United States that are better than Scandinavia this is unhelpful. It does prove that sociology is not a real science.

  38. AFRICA MUST BE SAVED says:

    Africa has failed to develop, because Africans are not united among other reasons. Africans are good at admiring other continents or countries and not learn from them. Africans are comfortably living the shadow of life, because reality is just too hard a challenge to them, self pity makes Africa lose its value. Africa is so much afraid of the truth. Africa is not convinced that her education standard as failed her, or may be Africa is the one that as failed to apply correctly her education. Africa is not economically independent and will remain so as long as she thinks that their is nothing within her but their is something out side her. Africa increases her chances to be used because she loves to beg for anything and anyhow.

    Africa dies fast than its sore called development.

    maclenny ( youth representative)

  39. Brian Bateman says:

    I have a question. How do the numbers stack up when they are normalized against cost of living? Here in Wisconsin, I live very well when I'm earning $50,000 per year. Rent for a modest place is around $1,000 per month, utilities about $250. Monthly expenses for groceries, detergent, toiletries, paper towels, etc come up to about $250 to $300 per month. I've been offered work in San Francisco, Seattle, San Diego, Boston, New York, etc. for $100,000 and more, but I always turn them down because my real wage and standard of living would dramatically decrease. I'd be happy living in Central America earning $10,000 per year if rent were $120 per month, for example. What do these numbers look like in the real world when cost and standard of living is considered?

  40. Philip Buckley says:

    you have to hit the ground..running..this is too slow…

  41. Fred LPunkt says:

    Can someone tell me what the famous bird of Immanuel Kant is he is talking about?

  42. sexy squidward says:

    Where tf did this guy go. I've been using chips cards for ever and no body works in bathrooms unless its fantasy

  43. DinoDillinger says:

    I feel like the Scandanavian countries need to start paying us for their national security. We are paying for most of their security blanket.

  44. Matt Staebel says:

    I love how he skips over the fact scandavia is a much smaller country with a fairly homogenous population. Also he seems to skip the fact that the government can essentially pick winners and losers. I’d like to see how many of those rich people are in the government of have government ties.

  45. Michael Fisher says:

    He forgets that nothing is free. Someone is footing the bill for this free education. I wonder who that could be?

  46. Ulvi Badalov says:

    One of the main reasons: mentality

  47. A Dohmnail says:

    Lol, no his conclusions are incorrect and misleading. It is an absolute joke to make such ridiculous claims from one variable. I know he is a far left liberal arts teacher but this is truly applaing quality of effort.

  48. JOSEPH WALSH says:

    I guess for PC reasons we can't note that these Scandinavian countries citizens all speak the same language and are 99 + % White.

  49. Memo says:

    I am interested in knowing the basis for linking a billionaire or a millionaire to a certain country! Because I think those UHNWIs live, work and earn money in several places. You might be born in Sweden and run a business in the USA!! I also do not see Arab countries? where are all the UHNWIs from Saudi, Qatar and UAE??

  50. Twin Half says:

    The secret for success of the Scandinavian countries is that almost all the population is white. At least for now. No form of government, social democracy or capitalism works in countries with a low average IQ.

  51. Julian L. Ellingsen says:

    He’s Norwegian And The Best Spot Is Even Norway!😂 BTW I’m Norwegian, He Has A Norwegian TV Show Called: Brille/Glasses, It Explaines A Lot And It’s Very Funny!

  52. Abhishek Verma says:

    This is how you do a presentation. Perfect blend of data and comic relief in long lecture.

  53. Dan Jones says:

    I don’t have much but I have more than I need. That makes me richer than most.

  54. Capt Birdie says:

    Unions vary from one nation to the next. In some countries strong Unions have been very harmful to productivity. You only have to look at the productivity of the car industry in the UK during the1970’s. The Unions were very adversarial and were frequently striking, which cause a huge reduction in productivity. In Germany on the other hand the Unions are arguably beneficial and behave very differently. This has a lot to do with cultural differences. In the UK there was a class war taking place between the Unions and Management.

  55. CherCherico says:

    It's funny how these people can claim all kind of great things and yet if you look what they have done or given to the world it's always nothing. They didn't produce the internet or given it to the entire world. Cell phone wasn't created there neither the Twitter, Google or Facebook. They don't have the strongest military in the world neither are they asked to intervene in any world crisis.

  56. CherCherico says:

    So socialism makes you rich .. lol.

  57. czarek cz says:

    The lay is in title. "Where in the world is it easiest to get rich?" It can be true if average age of rich family in Sweden or Norway is significantly lower then age of american billionaires families. But I check that. Almost all Sweden billionaires and multimilionaires are holding wealth for generations. There are no Zuckerbergs over there. So it is not easy to become billionaire in Sweden. It is easy to hold wealth. This guy laying or dont understand what he is talking about. Also example that comparing two engineers, american vs norwegian, shows that system is set to prevent any new competition against existing ultrarich. In essence, it is build for "engels" like types. People that never achieve anything themselves but want to dictate others how they shall live.

  58. Monarch Reach says:

    Then explain why Scandinavians immigrants (1st -4th generation) out perform Scandinavians in their home countries. Ps. That’s true of every single country. You need a supportive and non intrusive government AND a culture that values education and hard work.

  59. Survival Dad says:

    Then look again in 30 years with immigration

  60. Rogan-Joe Sloan says:

    New Zealand is also a tax haven im pretty sure the rest on his list have really corprate tax rates.

  61. Peaceful Chaos says:

    Interesting and entertaining, but all I heard as correlation….which does not make causation! A lot of statistics that justify the socialist agenda of redistribution of wealth. No matter how you put it, weath redistribution is theft. I'm certainly not rich by any means, but I have studied and worked hard to excel in my profession, even changed professionals is wasn't meeting my desires and needs. I satred iut of VERY meger means and have built a VERY comfortable life…..if i can so can others! I'm not saying there wont be outliers that can't, nothing is perfect and if thats what you want, wake up! We are all responsibile for our own actions and choices in life, some will lead you to higher achievements than others. Our society is so focused on blaming others to get "free" stuff rather than working hard to earn what we need. There is no "free" education as the speaker puts it, only redistributed tax money to provide education to those whose parents didn't plan or don't want to pay for their education. I do think there are deeper issues here though…like the fact that our education system is way too expensive (for reasons I don't go through here…it will just spark even more banter) and the fact that in today's digital age there is very few jobs that one should really need to attend university for….you could get the same education for a fraction of the cost and time online and be just as capable, but that doesn't fit the narrative. Bottom line, stop blaming others, take responsibility for yourself and get in gear!

  62. Andrea W says:

    funny how he usually speaks really fast in Norwegian and now he speaks really slowly in english

  63. sexypoetry says:

    cool indeed….might be the first ted talk that i really enjoyed hearing

  64. David Gann says:

    So if Scandinavian “socialism” is actually a haven for the wealthy, the flip side must be American free markets are the path to true “egalitarianism”. Mr Eia, while very entertaining, left out a few pertinent facts, such as the extremely high rate of inherited wealth among Scandinavian UHNWI’s. Other interpretations of the data cited can easily be found online e.g. The Scandinavian Fantasy : The Sources of Intergenerational Mobility in Denmark and the U.S.

  65. teycir bensoltane says:

    Scandinavians get rich because they work hard and are smart. Demographic factor is key.

  66. TermsofService says:

    Where in the world is it easiest to get rich? Proceed to the bank where abundance of funds meets lack of proper security.

  67. Drake 0 says:

    Automation! Are going to Take our jobs.. lol Thank you for the insight.

  68. Susan Craik says:

    Bernie Sanders is not leaving out the "Capitalist" factor, I believe he get's it 100% what he wants to leave out is unethical manipulation. the U.S. is not a pure Capitalist society..it is a rigged oligarchy.

  69. Sal Balakrishnan says:

    He forgot to memntion Scandinavia has a homogenous population and better immigration laws that are now being ruined. A homogenous population works better together since it shares the same moral, spiritual and cultural values which ultimately are to it's benefit. Good luck trying that in the U.S.

  70. Johan Gustav Lammers says:

    High taxes is not the only way to fund a big welfare state. Instead, the state could run its own corporation renting out grounds instead of selling them, and building cities and renting out houses, carparks, apartments and much more instead of leaving all that to the private sector. Furthermore, special products that include more than the basics could be provided by a state-funded education, healthcare or mobility system. The state could make relatively big investments, for example in energy, water and gas supply, and profit from the money people pay for it. Due to few or no competition because of the big investments it is capable of as a central institution, it could still make lots of money while lowering prizes or serving poor people for free. Capitalism can work much better if the people benefit from it through their state instead of hindering it by using their state to just take value away. Capitalism is great for all if policy makes it work for all, which means that big unions are possible, that the right to economic freedom can not be limited by contracts, that the money is full money, that the state uses its advantages to make own money to increase the quality of life and abolish catastrophies like poverty and that there is a ban of interest.

  71. Tye Wolfe says:

    Waah! I want a Norwegian Safety Hammock. 🙁

  72. terranowa says:

    Good lesson for crazy capitalists.

  73. crash406 says:

    14:46 … and I was just watching Joe Rogan's interview with Bernie Sanders

  74. jessica kiefer says:

    Love his comedic presentation…..I never once got bored!!! And I agree with him fully.

  75. Sunny Dee says:

    What an engaging and entertaining presenter!! He knows how to capture the audience while being incredibly informative.

  76. John Barrick says:

    I’d like to see a skeptics argument to this.

  77. John Barrick says:

    Another important lesson most politicians are thieves so why pay more taxes?

  78. FavouriteSongs says:

    Is the argument about minimum wage not an chicken or egg problem? Is the high minimum wage in Scandinavian countries a result of the education system and therefore pushing people up to 'better' jobs, or were there already enough 'better' jobs which made implementing the higher minimum wage easier?

  79. EDM Tracks United says:

    Read Scadinavian Unexceptionalism By Nima Sanandaji, she explains why they are doing so well and its not simply because of the points he outlines. America is a different type of country and with a different history. It is doing well in its own right.

  80. محمود صلاح الدين says:

    Thank you for sharing..

  81. Mathew Gonzalez says:

    *easiest way to get rich … get a job in first world country that you can do from anywhere and move to 3rd world country and live like kings

  82. Harrison Hart says:

    Lol…. anyone who thinks the US is NOT the easiest place to get rich must pay attention to ad hominem arguments like…

    "bUt tHe HiGhEsT nUmBeR oF rIcH PeOpLe PER CAPITA iS in sOcIaL deMoCrAcIEs"

  83. Berik Umirzakov says:

    Talks about how country get rich, not people, which at the end gives high level of life in particular country compared to others.

  84. Tony says:

    If you want to become rich asap, change your definition of rich

  85. Neo Humanist says:

    Not surprising. A social safety net affords stability, the most important precondition for prosperity and success. A lot of needless suffering in the greed-oriented countries.

  86. Green Thumb says:

    Yes in Norway you belong to the government…when everything is free you belong to the government..they invest in you…

  87. Tyler Smith says:

    I would love to give you the full picture of why you can't equate the USA to the nordic countries. It's easy to throw stones based on numbers but you miss the full underlying issues.

  88. Zed Nine says:

    Yes, but the US doesn't want upward mobility. The rich who control the US want to maintain at the top without any pressure from the lower classes.

  89. Stefan Kristersson says:

    Norway has oil. But Sweden has no oil and is still rich.

  90. Bill Bogo says:

    Is everyone clueless? @HaraldEia The US is 110% the country with the most millionaires and is the easiest country to grow wealth in and has been for two centuries.

  91. Canadian MGTOW says:

    Why the chewing cow at 10:35 ?

  92. Андрей Андреев says:

    finding OIL by chance supper late in the game gives a nice advantage … free education means literally nothing because even tho education is expensive in the US, many people still actually GO even tho they don't have the money … education in Bulgaria is practically free … were are the rich people

  93. ivana gluvakov says:

    It's all fun and games until you have to take a chip under your skin to get a job.

  94. Bri Lar says:

    We can accept the statistics, but he did nothing to prove the reason is free education. Instead of comparing the whole USA to these smaller countries. Compare Minnesota or States of similar population size and ethnic makeup.

  95. Tkama says:

    I like his forehead, it speaks to me.

  96. Average Joe says:

    Real reason: oil export and social subsidies.

    Oh noes! Facts!

  97. Germanas Pancerovas says:

    norway and sweden are fascist states , hope brexit britain invades them shitholes, best country to become a millionare is uk

  98. Ahmed Hassouni says:

    The more trust in a country the better business and production will
    Be ..

  99. Tom Smith says:

    I was a little disappointed, tbh. I found this a little simplistic and would have liked to have seen more detail on tax systems – breakdown corporate tax/income tax/social security.

    Here in Hungary, tax is high, but the system is not created to facilitate earning.

    You can become OK financially, but it's extremely tough to become wealthy as shown by the number of billionaires…

    Capitalism is amazing. Neo-capitalism, like in the US, is not.

  100. Lois Lane says:

    This is the doctor from USS Voyager !?!

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