High taxes and a generous welfare state are no barrier to Nordic riches.
By Matthew Yglesias
H&M's main shareholder Stefan Persson, avatar of Nordic cuddly capitalism.
America is a land of billionaires, boasting five of the 10 richest people on the planet as of the most recent Forbes 500 list. Then again, we’re a large country, and in per capita terms, we lag behind several smaller states. Many of these—like world leader Monaco (No. 1 per capita, with three billionaires in a population of 35,427)—are true micro-nations, or else they’re St. Kitts and Nevis (No. 2, one billionaire, population 53,051): more of a vacation destination for the rich and less a place where people actually go to earn a fortune. But one country stands out on the list: Sweden (No. 12, 14 billionaires, population 9.56 million).