'Americans Just Work Harder' Than Europeans, Says the CEO of Norges Bank, the World's Largest Wealth Fund

The world's largest wealthiness money has much than half of its equities invested successful nan U.S. and intends to enactment invested.

The reason? "Americans conscionable activity harder," said Nicolai Tangen, CEO of Norway's $1.6 trillion lipid money Norges Bank.

Tangen told The Financial Times connected Wednesday that nan money is heavy invested successful American businesses because there's a different business mindset and activity ethic successful nan U.S.

"You spell bust successful America, you get different chance," Tangen told nan FT. "In Europe, you're dead."

Nicolai Tangen, main executive serviceman of Norges Bank. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

"I should beryllium observant astir talking astir work-life balance, but nan Americans conscionable activity harder," he said. Tangen besides noted that Norges Bank would "stay invested" successful American companies for nan agelong term.

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U.S. workers do timepiece successful longer hours than labor successful Norway, wherever Norges Bank is based. According to the latest data from nan Organization for Economic Cooperation and Development, nan mean number of hours worked annually successful nan U.S. was 1,811 successful 2022, astir 400 hours much than Norway's 1,425 mean hours worked complete nan aforesaid period.

U.S. labor besides outworked labor from nan U.K., France, Germany, Ireland, and galore different countries, veering higher than nan wide average.

But moving longer hours mightiness not beryllium thing to boast about. A 2021 study from nan World Health Organization and nan International Labor Organization showed that moving agelong hours could effect semipermanent wellness — and airs much of a threat than occupational hazards.

The study recovered that moving much than 55 hours per week led to a 35% higher consequence of changeable and a 17% higher consequence of bosom disease.

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Moreover, moving other hours whitethorn not lead to accrued output: A University of California-Berkeley study conducted complete 5 years recovered that occupation capacity tends to plateau aft reaching a 50-hour workweek threshold.

"Think astir nan profound accusation of these findings: nan full entire premise of nan world's activity ethic—that harder activity equates to amended results—is fundamentally wrong," nan study's writer wrote.

Tangen besides noted successful nan FT question and reply that American companies are creating and increasing exertion quicker than their European counterparts, a inclination he called "worrisome."

Heightened invention could beryllium a byproduct of longer hours aliases different factors, for illustration U.S. culture, its population, and nan systems it has successful place to support innovation.

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