"Terribly wrong"?
Why? I'll grant you it's unfair for them to have to shoulder the burden of a whole nation by dint og birth, but they are fairly well compensated, I would say.
Constitutional monarchs are not wholly toothless but they can only really cause deadlock, not tyranny - so they represent no more danger to a nation than an elected president. Don't forget, most current tyrannies (Zimbabwe for example) are ruled by men initially elected into office. It seems to me that your main objection is an instinctive discomfort with someone holding a heriditory position - that's not necessarily wrong but I challenge you to demonstrate that Norway would be better governed as a Republic than a Monarchy. Consider, a lot of the most politically stable places in Europe, with the happiest populations, are monarchies.
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