That's orthogonal. Having a massive sovereign fund as your rainy day fund goes a long way in your strategic long term thinking and budget planning compared to countries without that rainy day fund.
>There are many theories why the Scandinavian model works on Scandinavia but does not seem to work other places, but to my best knowledge, natural resources are not any of these explanations.
Because lack of corruption, government transparency and regulations plus a high trust society are also needed, not just pooling all our tax money for welfare.
And those qualities don't exist in many other countries. Scandinavian countries are the global exception, not the norm.
The norm everywhere else is "everyone for himself, fuck you I got mine, you go get yours, if you're poor it's your fault for being lazy", despite implementing various welfare programs similar to Scandinavian ones.