They are also absolutely floating in oil wealth.
Norway is a stupid example. Sweden, Denmark, Finland and Iceland easily have the same level of welfare or arguably better than Norway in many regards. The key is to make public investments into the country’s resources (be it farmland, forestry, mines, electricity) and build infrastructure and institutions that benefit the people.
By investing directly, you are doing the thinking instead of deferring judgement to bankers and the “invisible hand” that’s really just a bunch of rich dudes with their own incentives that don’t align with yours. You cut out billionaire middlemen and money doesn’t have to “trickle down”, and you can steer the behavior of your industries and universities toward causes that take your country’s needs over time into account.
That’s how good investors think about their business empires - why should countries choose to not strategize at all and just let nature do its thing?
So is the US
The US citizens are definitely not oil wealthy.
That’s my point. America actually has roughly 10 times as much oil as Norway, but in Norway everyone benefits from the oil rather than just a handful of mega-rich oil barons.
All the other scandinavian countries that don’t swim in fossil fuel wealth are still doing pretty well, though. Also, lots of countries that are rich in natural resources don’t actually let the majority of their population participate in that wealth.
Oh yeah, good on them for managing their oil wealth in a way that benefits their society.
They could also have been like the UAE. Or the US.