Norwegian Wealth Fund CEO Criticizes European Work Ethic, Prefers U.S. Investment

Nicolai Tangen, CEO of Norway's $1.6 trillion oil fund, highlights Americans' higher ambition and risk tolerance as key factors in shifting investments towards the U.S.

Nicolai Tangen claims Europeans are less ambitious and more risk-averse compared to Americans, influencing his fund's investment strategy.
The Norwegian wealth fund has increasingly invested in U.S. equities, now holding half of its assets there, up from a third in 2013.
Tangen's remarks underscore a broader trend of European firms losing ground to American markets, partly due to regulatory environments.
Despite concerns over the upcoming U.S. presidential election, Tangen commits to long-term investment in American companies.
The CEO also criticizes the high executive pay in the U.S. but admires the American work ethic and approach to business risks.