Norway wealth tax drives record capital flight

Norway is the only Nordic country that levies a wealth tax. The share of the nation’s largest fortunes owned from abroad has risen sharply, from 24 % in 2021 to 51.5 % today, as wealthy individuals relocate assets abroad. This outflow threatens Norwegian investments, jobs and tax receipts, because Norwegian owners account for roughly 69 % of employment and 86 % of corporate tax in private‑sector companies on the mainland.

The Tax Commission has been unable to reach a consensus on the wealth‑tax rate, proposing a range of 0.25 % to 0.75 % while retaining an exit tax that Sweden does not impose. Critics argue the policy encourages domestic founders to leave while foreign owners avoid the tax, undermining the intended economic goals.