I might be a bit ignorant, but I think the most important thing is that the succeeding governments(backed up by the people), didn't follow populist measures, putting the oil taxes into a 'pension' oil fund, instead of using using the money to pump up the economy or to distribute wealth to the people. This way Norway didn't suffer of the 'dutch disease', a term which describes an economic slowdown when brute natural resources are discovered and exploited which makes other sectors to decrease.

It's not a general rule, but we can see that many countries having advanced economies don't have many natural resources. People living in harsh conditions have to work harder and to find solutions to compensate lack of resources. And when you combine hard work with good leadership results are amazing.

I'd tell Bernie that this is way closer to a libertarian capitalism than a socialism regime.

https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway
https://en.wikipedia.org/wiki/Dutch_disease

PS I don't know much about Norway, this is the ignorant opinion of someone seeing the things from far away.