In the wake of Norway’s recent increase in wealth taxes, a significant exodus of wealthy Norwegians, collectively valued at over 47 billion kroner ($4.4 billion), has found sanctuary in Switzerland. The Norwegian government’s decision to elevate wealth taxes from 0.85% to 1.1% in November has prompted approximately 65 of the country’s most prosperous individuals to seek refuge across the Swiss border, according to a report in Dagens Naeringsliv, a Norwegian Newspaper.
Those subject to this tax hike include individuals with a net wealth exceeding 1.7 million kroner ($158,000) or married couples with assets surpassing 3.4 million kroner ($317,000), as per data sourced from PwC. Among those making the move is billionaire Kjell Inge Rokke, the main shareholder and chairman of Aker ASA, an industrial investment firm. Rokke, who boasts a Forbes-estimated net worth of $4.9 billion, publicly disclosed his “difficult choice” to relocate from Norway to Switzerland in an open letter to his company’s board in September.
Switzerland has long been celebrated as a tax haven of choice for affluent individuals seeking to leverage its favorable tax climate. Notably, Switzerland’s wealth tax rates differ by canton across its 26 regions, resulting in an “overall personal net wealth tax rate between 0.02% and 1.03%, according to PwC.
Switzerland’s appeal extends beyond taxation, with the nation recently topping the U.S. News & World Report’s ranking of the best countries for a comfortable retirement. This ranking, based on a global survey, considered factors such as affordability, tax policies, and property rights, drawing from the perspectives of more than 6,100 individuals in their mid-40s and older.
