Norway’s Wealth Tax Unchains a Capital Exodus
15th November 2025
The recent wealth tax increase in Norway was expected to bring in an additional $146M in yearly tax revenue.
Instead, individuals worth $54B left the country, leading to a lost $594M in yearly wealth tax revenue.
That’s a net decrease of $448M+.
The mass departure of Norway’s billionaires has transformed into an unprecedented exodus, as the nation’s tax administration grapples with one of Europe’s most demanding wealth tax and income tax rates. Last year marked a watershed moment in this capital flight, with more than NOK 600 billion in assets leaving the country as high-net-worth individuals increasingly opted for tax havens over their homeland.
The phenomenon has caught the attention of global media, with The Guardian and other outlets documenting the steady stream of super-rich Norwegians seeking refuge in more financially hospitable jurisdictions.