Norway Votes on Wealth Tax in Crucial Parliamentary Elections

Sat Sep 13 2025 23:15:00 GMT+0300 (Eastern European Summer Time)

As Norwegians head to the polls, the debate on a long-standing wealth tax intensifies amid a close election race between political blocs.

Norway's elections are underway with approximately 4.3 million voters eligible to elect members to a new parliament. The future of a wealth tax, established in 1892, remains a significant point of contention, as the ruling Labor Party aims to sustain it while opponents propose its reduction or outright repeal. The outcome may not drastically alter Norway's foreign policy stance, but it will shape domestic economic strategies.

OSLO, Norway (AP) — Norwegians headed to the polls Monday in the main day of voting for a new parliament, after a campaign in which the future of a wealth tax that dates to the late 19th century has been a central issue.

About 4.3 million people in the Scandinavian nation are eligible to vote for the new 169-member parliament, or Storting. A close outcome is expected between a center-left bloc led by the Labor Party of Prime Minister Jonas Gahr Støre and a right-wing bloc.

Official results are expected Tuesday, followed by weeks of negotiations to build a coalition and agree on Cabinet positions before King Harald can swear in a new government.

This election result isn’t likely to have major implications for Norway's foreign policy. The country is a steadfast member of NATO and supports Ukraine’s defense against Russia, which it shares a border with in the Arctic north. While not an EU member, Norway maintains close economic ties with the European Union.

Norway is one of the richest countries in the world, characterized by a generous welfare system and vast oil and gas reserves that contribute to its substantial sovereign wealth fund of around 20 trillion kroner ($2 trillion) and the sixth-highest GDP per capita globally.

Labor Party advocates for maintaining the wealth tax, a long-standing fixture in Norwegian fiscal policy since 1892, which levies up to 1.1% on assets exceeding 1.76 million kroner (about $176,000). Scrapping this tax could potentially cost the government 34 billion kroner ($3.3 billion) annually.

In contrast, the Conservatives propose a reduction and the Progress Party—led by Sylvie Listhaug—advocates for abolishing it altogether, aligning with lower taxes and stricter immigration policies. Recent polls indicate Listhaug’s party leading over the Conservatives, spearheaded by former Prime Minister Erna Solberg.