Norway tops table of dollar millionaires
Monday July 16, 2007

It used to be a country of fishermen struggling through the Arctic winter but now Norway has turned itself into a land of dollar millionaires, with more per capita than any other country in the world.
One in 86 Norwegians now count their net worth in seven figures, according to a report by Merrill Lynch and consulting firm Capgemini. In a country of just 4.7 million people that means close to 55,000 people are now enjoying the high life.
This new-found wealth is in stark contrast to the nation's long tradition of social equality, where until recently it was frowned upon to be different - and richer - than your neighbour.
A flourishing economy, driven by oil and gas, and rocketing share and house prices are behind the increase.
"In 2006 the Oslo stock exchange was very good and real estate prices saw a steep rise," said Roger Gullqvist from Capgemini.
Mr Gullqvist said he was surprised by Norway's wealth, especially compared with its neighbour Sweden, which has close to double the population of Norway but 6,500 fewer millionaires. "There aren't as many big corporations in Norway as there are in Sweden. In Norway it is more of a culture of small firms being built from scratch and then sold on to bigger companies," he explained.
But Norway is expensive. Oslo, where a pint of beer costs £5, is the world's most expensive capital according to the Economist. Dinner for two in an average restaurant can easily cost £200.
Norway's millionaires make up only a fraction of the worldwide total. The report said there are now 9.5 million people worldwide who have net assets (not including primary residences) of more than $1m (£493,000). This group, 0.14% of the world's population, owns around one-quarter of global wealth.
Story provided by Guardian Unlimited Money News

UK police raid three football
Roger Blitz, Leisure Industries Correspondent
Published: July 16 2007 15:04 Last updated: July 16 2007 16:24

City of London police on Monday carried out early morning raids on three football clubs and the homes of two individuals as part of an ongoing probe into football corruption.
Northumbria Police said they were aware that “an operation’’ had been carried out by London-based police at St James’ Park, the home of Newcastle United. Portsmouth, another Premership club, and Scottish side Rangers were the other clubs raided.
Newcastle confirmed that it was visited on Monday morning by City of London Police but noted that the club itself was not the subject of the investigation. “If the [police] investigation...or the ongoing internal review of operations by the club’s new owners, show that the club has been the victim of any criminal activity, the club will take appropriate action,” it said in a statement.
The raids were part of an inquiry separate from the long-running investigation by the Premier League into allegations of football “bungs” in English football’s top tier.
The police said searches were carried out between 7.30am and 9am.
“We can confirm that search warrants were served at three football clubs and the homes of two individuals in connection with corruption in football and its impact on owners and shareholders,” the police said.
Police last month arrested a 61 year-old man in Manchester on suspicion of money-laundering. He was bailed until October.
The league’s own inquiry was completed last month when Lord Stevens, the former Metropolitan Police commissioner, and Quest, the corporate security and intelligence company which he chairs, found irregularities in 17 player transfers involving five Premier League clubs.
But the City of London Police said its own investigation is totally independent and “has not been influenced or informed by the Quest inquiry in any way”.
Copyright The Financial Times Limited 2007