Scandinavia's Richest Millennials Might Be in Trouble

Norway's millennial generation spent the last decade hearing about six-figure incomes for jobs in the oil industry that offered some of the shortest work-weeks in the world. Now the slump in crude prices has brought the oil-reliant nation to a crossroads and those thirty-somethings who have taken on a lot of debt are now looking vulnerable, the central bank governor says.

The oil boom that spurred growth in Norway also pushed up house prices by more than 85% over the course of the past decade, according to Real Estate Norway. To cope with bidding wars, young buyers borrowed more and more to secure their dream home. That's left them collectively with debt equivalent to 300 percent of disposable income: