Norway's Wealth Exodus Is Worse Than You Think

Thirty billionaires left Norway in a single year. The government's answer was to build a fiscal Berlin Wall. In 2022, Norway raised its wealth tax to one of the highest levels in the West. More billionaires and millionaires left within a year, more than in the previous 13 years combined. Yet wealth-tax revenue nearly doubled between 2021 and 2025. This episode follows the money, the people, and the wall Norway built to keep them in: a tax on paper wealth, founders selling their own companies to pay it, a 12-year exit tax, and the complaint in Brussels that could bring it all down.

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