Norway's Conservative Party Votes to Scrap Wealth Tax Entirely

Norway's Conservative Party, Høyre, has voted to abolish the wealth tax completely. At its national convention on Sunday, delegates approved the move by a narrow margin of 158 to 131. Previously, the party had only supported removing the wealth tax on working capital, defined as assets tied to business ownership and investments that contribute to value creation and job growth. The wealth tax applies to net personal wealth exceeding 1.76 million kroner, with a 1% rate on amounts above that threshold. A higher rate of 1.1% kicks in for wealth beyond 20.7 million kroner. In 2024, this tax generated 38 billion kroner, about 2.5% of total tax revenue. Around 14% of Norwegian taxpayers currently pay it. Norway remains one of the few countries worldwide that still levies a wealth tax. Kjetil Kivle, county leader for Buskerud Høyre, welcomed the decision, stating it makes ownership and investment more profitable for Norwegian entrepreneurs. Jim Kristiansen, mayor of Ibestad, a small coastal municipality in southern Troms surrounded by fish farms, also backed the move, saying tax uncertainty had dampened local investment. The Confederation of Norwegian Enterprise (NHO) praised the vote, calling the wealth tax harmful for both businesses and individuals.