Billionaires are abandoning Norway as wealth tax rises

A record number of super-rich Norwegians are abandoning Norway for low-tax countries. This is after the centre-left government increased wealth taxes by 1.1%.

More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv. That is more than the total number of super-rich people who has left the country during the previous 13 years, the newspaper added.

Even more super-rich individuals are expected to leave this year because of the increase in wealth tax back in November. These moves are costing the government tens of millions in lost tax receipts.

Many have moved to Switzerland, where taxes are much lower.


About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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