The wealth fund is enormous only in part because of the massive natural resources. The real trick is not pissing it away like other oil producing nations do.

In fact oil is the only substantial natural resource that Norway has that most other countries don't. Forestry is not terribly profitable because of the terrain, most of the valuable minerals are in the north (and mostly on the Swedish side of the border), large scale hydro has been built out to close to the maximum possible already.

Was your communist country really socialist before it became communist or is the word communist here simply shorthand for Soviet Russian style dictatorship imposed by an external power?