Europeans 'Less Hard-Working' Than Americans, Says Norway Oil Fund Boss

Europe is less hard-working, less ambitious, more regulated and more risk-averse than the US, according to the boss of Norway's giant oil fund, with the gap between the two continents only getting wider. FT: Nicolai Tangen, chief executive of the $1.6tn fund, told the Financial Times it was "worrisome" that American companies were outpacing their European rivals [non paywalled link] on innovation and technology, leading to vast outperformance of US shares in the past decade. "There's a mindset issue in terms of acceptance of mistakes and risks. You go bust in America, you get another chance. In Europe, you're dead," he said, adding that there was also a difference in "the general level of ambition. We are not very ambitious. I should be careful about talking about work-life balance, but the Americans just work harder." His views are significant as the oil fund is one of the largest single investors in the world, owning on average 1.5 per cent of every listed company globally and 2.5 per cent of every European equity. Its US holdings have increased in the past decade while its European ones have declined. US shares account for almost half of all its equities compared with 32 per cent in 2013. The leading European country -- the UK -- represented 15 per cent of its equity portfolio a decade ago but just 6 per cent last year.

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