A number of Norway’s wealthiest individuals have moved to Switzerland due to the increase in wealth tax in Norway in 2022.

The Norwegian government raised the tax on higher wealth last November, from 0.85 percent to 1.1 percent, leading to approximately 65 affluent Norwegians relocating, according to the newspaper Dagens Naeringsliv.

The new tax rate for Norwegian wealth tax of 1.1 percent applies to individuals with a net worth of at least 150,000 euros or couples with a combined wealth of at least 300,000 euros.

Billionaire Kjell Inge Røkke, the majority shareholder and CEO of the industrial investment company Aker ASA, wrote in an open letter in September that he had “made the difficult choice” to move from Norway to Switzerland.

Røkke is reported to have a fortune of around 4.5 billion euros and is reportedly Norway’s largest taxpayer.

Switzerland has long been seen as an attractive tax haven for wealthy individuals looking to benefit from lower taxes.

According to advisory firm PwC, wealth tax in Switzerland varies by canton. There are a total of 26 cantons, and wealth tax ranges from 0.02 percent to 1.03 percent.

Switzerland tops the list of best countries for a comfortable retirement in the U.S. News & World Report. The list was compiled after a global survey of more than six thousand people aged in their mid-forties or older on factors such as affordability, taxes, and property rights.

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