Except that Norwegian oil money is only used for pensions and state investment. Your average Norwegian never sees the color of the petrodollars until their retirement, and they're still doing quite well.
Considering how much money goes into pension funds in european country, that makes it quite a lot.
In Saudia Arabia the people are basically on universal basic income. In Norway on the other hand, the oil profits are all invested into the pension fund, which is very sparingly used for any other purpose.
I would say yes, like Norway. If you have money coming out of nowhere the social stuff doesn't much matter as long as you can keep people from stealing your wealth.