“Tax the Rich!” Lefties Demand
Norway, Official Idiocy and Incompetence, Tax the Rich, The Policy of Envy
What was meant to be a modest fiscal tweak has turned into an expensive lesson in capital flight. In 2022, Norway’s Labour-led government raised the wealth tax to 1.1%, hoping to boost annual revenues by $146 million. Instead, it triggered a migration of the wealthy—not just of assets, but of people.
Roughly 50 of Norway’s richest citizens packed their bags and left, including high-profile investors and founders of tech firms. Switzerland emerged as a favoured destination, thanks to its lenient tax regime and predictable fiscal policy. The net effect? A reported $594 million loss in tax revenue—four times the projected gain.
Norway is one of a shrinking handful of countries that still imposes an annual tax on net wealth, and the recent adjustment, though minor in absolute terms, served as a tipping point for those already disgruntled by rising fiscal burdens. The departures, legal but disruptive, highlight a growing tension in policymaking: the trade-off between progressive taxation and fiscal pragmatism.
