Andrew Nikiforuk

Most Canadians assume that Alberta is getting filthy rich from its hydrocarbon resources. In comparison with Norway, however, Canada’s wealthiest province is failing to live up to its potential. Both jurisdictions produce about the same amount of fossil fuels and have populations of a similar size, but that’s where the similarities end. “Compared to Norway, Alberta is collecting peanuts,” notes Jim Roy, an Edmonton-based royalties consultant who advises several national governments. This Scandinavian nation knows how to save for the future, banking much more than Canada’s tar sands empire.