Taxing Entrepreneurial Wealth: Evidence from Norway, 2021–2025

A study of Norwegian tax reforms from 2021–2024 that significantly increased taxes on business owners found limited economic costs despite claims of widespread "billionaire exodus." While approximately 100 wealthy individuals did migrate in response, there was no evidence of reduced investment by Norwegian firms, decreased founder inflows, or increased bankruptcies, suggesting wealth taxation's short-term economic impact is smaller than public debate suggests.