Norway loses over 30 billionaires and many millionaires due to 2022 tax hikes, prompting an exodus to lower-tax countries like Switzerland and raising concerns about the economic impact.
Norway has lost over 30 billionaires and many millionaires due to its tax increase on the wealthy in 2022. As the government raised taxes on the rich to generate more revenue, they are now experiencing an unexpected reversal, with many wealthy families leaving Norway because of the high taxes.
Switzerland, being nearby with much lower tax rates for the rich, has seen an influx from this movement. Many wealthy individuals argue that the high taxes are unfair, as their companies contribute to the economy by creating jobs for the people of Norway.
The Norwegian government is set to lose out on tens of millions from these ultra-high-net-worth individuals relocating, leading many to question whether taxing the rich will truly boost the country's financial position.
