At the low point (2000) the EUR was 0.8 USD. At the high point (2008) it was 1.6 USD. The (old) EU and the US are close enough economically for a factor two t

At the low point (2000) the EUR was 0.8 USD. At the high point (2008) it was 1.6 USD. The (old) EU and the US are close enough economically for a factor two to decide the outcome of most comparisons. Also, when people say Norway is rich, it is not just because it has the second highest GDP of the world. (see http://en.wikipedia.org/wiki/Norway#Economy http://en.wikipedia.org/wiki/Norway#Economy). It is also because they have saved a good part of the oil money (more than USD 100.000 per capita, see http://en.wikipedia.org/wiki/The_Government_Pension_Fund_of_Norway http://en.wikipedia.org/wiki/The_Government_Pension_Fund_of_...) preparing for the combination of an aging population and finite North Sea oil resources). So they are rich also in the literal sense of having a lot of money, not just spending a lot of money.