Norway, formally the Kingdom of Norway, is a Nordic country in Northern Europe, situated on the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of Norway. Norway has been tossed back and forth between its Swedish and Danish neighbors for centuries until finally becoming independent in 1910. It's a wealthy country due to its developed financial sector as well as rich oil reserves, and is a standout example of the European Dream.