Norwegian rich flee to Switzerland because of tax increase - balance sheet ranking confirms trend

Norwegian rich flee to Switzerland because of tax increase - balance sheet ranking confirms trend

According to a report by www.nzz.ch, the tax increase in Norway has prompted many rich entrepreneurs and heirs to move their assets abroad. Switzerland is particularly popular with the Norwegian rich because wealth taxes are lower there. The magazine “Bilanz” noted this “Norway effect” in its annual Swiss richest list, in which five of the 19 new entries come from Norway. The move to Lugano is popular with many Norwegians, including Ninja Tollefsen, Norway's richest woman. Switzerland is an attractive destination for many rich people to avoid the higher wealth tax in Norway.

The impact of these wealth shifts on the Norwegian market could be significant. Influential entrepreneurs such as real estate magnate Ivar Tollefsen have transferred large parts of their family assets to Switzerland to avoid higher wealth taxes. Norwegian companies' revenues could fall due to this capital outflow, which could have a negative impact on the country's economy.

The impact on the Swiss financial sector could also be significant. The relocation of wealth from Norway potentially means greater demand for banking services and wealth management in Switzerland. This could lead to positive developments for the Swiss financial sector.

Overall, the tax increase in Norway will lead to a reallocation of assets and income that could have long-term effects on the economies of both countries.