By Runar Wiksnes, Chief Analyst, Virke
and Brage Baklien, Senior Political Adviser, Virke
Christmas is a time for reflection and forward-thinking. As we approach the new year, it’s clear that 2025 will be remembered as a turning point for Norwegian business, marked by an unsettling trend: more and more individuals are opting to leave the country. Capital is flowing to regions where opportunities abound, and in the Nordic landscape, competition among nations has historically spurred development and innovation. Yet, Norway appears to be losing its edge, prompting us to ponder what kind of country we want to inhabit in 2026.
Sweden is cultivating robust innovation ecosystems, Denmark is pioneering a green economy, and Finland is making significant investments in education and digital transformation. In stark contrast, Norway’s distinction lies not in leading the way but in our increasing reliance on oil revenue, neglecting crucial reforms. The oil fund has undoubtedly enriched us, but it has also fostered a troubling political culture where excessive pledges are commonplace. While our neighbors have eliminated the wealth tax, Norway continues to drive away capital and entrepreneurs.
Sweden’s successes are not solely a testament to their policies; they also highlight the missteps we’ve made in Norway. The current administration has doubled the owner taxation, forcing Norwegian business owners to continually withdraw funds to cover wealth taxes on assets tied up in machinery, inventory, and real estate—even in years when their companies are in the red. In a glaring contrast, investors residing in financial hubs like New York, Shanghai, and Stockholm remain exempt from this tax. Instead of nurturing our own entrepreneurs, we are stacking the odds against them. As Swedish billionaires return home, Norwegian billionaires with ties to Switzerland are also eyeing Sweden as a more favorable environment.
As we step into 2026, let it be our New Year’s resolution to level the playing field for Norwegian owners. We must eliminate the wealth tax before we lose more businesses to foreign shores.