Norway’s Store says will seek consensus on tax policy

Norway’s Store says will seek consensus on tax policy

Norway is set to vote for a new parliament on Monday, with the future of the country's wealth tax being a central issue in the election. Prime Minister Jonas Gahr Støre, leading the Labor Party, is campaigning to maintain the wealth tax, which has been a mainstay of Norwegian policy since 1892. The tax levies up to 1.1% on assets and shares worth more than 1.76 million kroner (around $176,000), with various reductions and discounts. The Labor Party argues that scrapping the tax would cost 34 billion kroner ($3.3 billion) per year [1].

The right-wing bloc, led by the Conservatives and the Progress Party, has differing views on the wealth tax. The Conservatives want it reduced, while the Progress Party, led by Sylvi Listhaug, calls for its complete abolition. The Progress Party has been bolstered by an energetic social media campaign, driven by youthful influencers who have inspired younger voters against the wealth tax [1, 2].

The election is expected to be close, with official results likely to be announced on Tuesday. This will be followed by weeks of negotiations to build a coalition and agree on Cabinet positions before King Harald can swear in a new government. The election is not expected to have major implications for Norway’s foreign policy, as the country remains a stalwart member of NATO and a strong supporter of Ukraine’s defense against Russia [1].

Norway is one of the richest countries in the world, with a generous welfare state, significant oil and gas reserves, and one of the world’s largest sovereign wealth funds, worth around 20 trillion kroner ($2 trillion). Despite its wealth, Norway is also one of the world’s most egalitarian countries, sharing its wealth much more evenly than many others [1].

References:
[1] https://www.yahoo.com/news/articles/norway-votes-closely-fought-election-071257151.html
[2] https://www.usnews.com/news/world/articles/2025-09-08/norway-votes-in-a-closely-fought-election-with-the-future-of-a-wealth-tax-in-focus