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From Norway to Switzerland: A Tale of Billionaire Tax Migration

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Added by MiAmigo
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Record numbers of Norway's richest residents have left the country in the past year as a result of the Labour-centre coalition's 0.1% increase in wealth tax rates. Among them is billionaire Kjell Inge Røkke, who moved from Asker, Norway to Lugano in Switzerland. The 50 high earners who have relocated have a combined net worth of over 40bn Norwegian Kroner (£3bn or nearly $4bn), costing the government tens of millions in lost tax revenue. Norway is one of only four countries in the OECD to still impose a wealth tax, and as Labour discusses wealth taxation in the UK, Norway's experience may offer a warning.

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