How rich is Norway

The land of midnight sun, a place where every corner is picture perfect, Norway. The country is not only picturesque but also is one of the richest countries in the world. Norway is one of the two countries with GDP per capita above US$70,000. United Nations Development Programme ranked Norway 1 out of 188 countries. The country is one of the best and happiest places to live in.
Norway has come a long way from being Europe‘s most impoverished country in 1905 to the country with the highest GDP.
Norway is rich, prosperous and happy country. Its GDP saw a dramatic rise of 177 percent between 1971 to 2001.
The country enjoys a mixed as well as a developed economy. Every sector is developing parallelly in the nation. The country has a very high standard of living when compared to other European nations.
 
The economy in Norway pre-industrialization
Norway had an agriculture-based economy before industrialization. A major part of its population was involved in the primary sector. Since the resources were scarce, the standard of living was low. The survival was based on the cultivation of hardy grains such as rye, oats, and barley. Another source of income was livestock to goats, cattle, sheep, pigs, and poultry. In few parts of the country, fishing was also practiced as a supplement to farming.
Post industrialization

The economy in Norway saw a robust growth post-industrialization, in between the nineteenth century. With the establishment of industries, a large chunk of the population got jobs. Banks were set up by the government to provide financial assistance to entrepreneurs. Wages offered in the country were way too high as compared to neighbor nations. This led to a significant shift from agriculture sector to industrial sector. It was only during industrialization that Norway asserted sovereign rights over the oil and petroleum in the North Sea that helped in the further blooming of the economy of the country.
Taxation
No doubt Norway is country of rich. Norway is known to levy hefty taxes on its citizen. The personal tax rate is 47.8 percent and the corporate tax is 25 percent. Another kind of taxes is environmental and value-added taxes. The corporate profit tax ranges from 28 percent to whopping 78 percent.