Europeans are “less hard-working” than Americans, the head of the world’s largest sovereign wealth fund has said. Nicolai Tangen, who manages Norway’s $1.6 trillion (£1.3 trillion) wealth fund, said people in Europe are less ambitious and more risk-averse than their US peers. In comments first reported by the Financial Times, Mr Tangen said: “We are not very ambitious. “I should be careful about talking about work-life balance but the Americans just work harder. “There’s a mindset issue in terms of acceptance of mistakes and risks. You go bust in America, you get another chance. In Europe, you’re dead.” Norway’s wealth fund, which invests surplus revenues from oil and gas, owns around 1.5pc of all globally listed shares and has stakes in more than 9,200 firms. Mr Tangen’s comments come amid growing concern in the UK and Europe about the struggle to keep up with America’s booming stock markets. The London Stock Exchange has already fallen victim to this trend as a string of high-profile firms have ditched the Square Mile in favour of New York. The malaise gripping European equities has been underlined by the shift in Norway’s investment priorities. Half of its wealth is now invested in US stocks,...