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 dating back to the late 19th century has been a central issue. Approximately 4.3 million citizens in the Scandinavian nation are eligible to vote for the 169-member parliament, known as the Storting. A contested outcome is anticipated between a center-left coalition led by the Labor Party of Prime Minister Jonas Gahr Støre and a right-wing bloc.
Official results are expected tomorrow, likely followed by weeks of negotiations to form a coalition and establish Cabinet positions before King Harald can swear in the new government. However, the election outcome is not expected to cause significant changes to Norway's foreign policy. The country remains a strong NATO ally and actively supports Ukraine against Russian aggression, while maintaining close economic relations with the EU, despite not being a member.
Norway is one of the world’s wealthiest nations, boasting a robust welfare state and significant oil and gas reserves, alongside an immense sovereign wealth fund estimated at around 20 trillion kroner ($2 trillion), making its GDP per person the sixth-highest globally.
The wealth tax, a cornerstone of Norway's economic policy since 1892, imposes a levy of up to 1.1% on assets exceeding 1.76 million kroner (approximately $176,000). Proponents argue that eliminating the wealth tax could cost the state around 34 billion kroner ($3.3 billion) annually. The Conservative Party aims to reduce the tax, while the Progress Party, led by Sylvie Listhaug, advocates for its complete removal.
Recent polls indicate that Listhaug’s party is gaining traction ahead of the Conservatives, who were the main party in the last center-right coalition government from 2013 to 2021. This rise has been largely attributed to an effective social media campaign, engaging younger voters who have rallied against the wealth tax.
Official results are expected tomorrow, likely followed by weeks of negotiations to form a coalition and establish Cabinet positions before King Harald can swear in the new government. However, the election outcome is not expected to cause significant changes to Norway's foreign policy. The country remains a strong NATO ally and actively supports Ukraine against Russian aggression, while maintaining close economic relations with the EU, despite not being a member.
Norway is one of the world’s wealthiest nations, boasting a robust welfare state and significant oil and gas reserves, alongside an immense sovereign wealth fund estimated at around 20 trillion kroner ($2 trillion), making its GDP per person the sixth-highest globally.
The wealth tax, a cornerstone of Norway's economic policy since 1892, imposes a levy of up to 1.1% on assets exceeding 1.76 million kroner (approximately $176,000). Proponents argue that eliminating the wealth tax could cost the state around 34 billion kroner ($3.3 billion) annually. The Conservative Party aims to reduce the tax, while the Progress Party, led by Sylvie Listhaug, advocates for its complete removal.
Recent polls indicate that Listhaug’s party is gaining traction ahead of the Conservatives, who were the main party in the last center-right coalition government from 2013 to 2021. This rise has been largely attributed to an effective social media campaign, engaging younger voters who have rallied against the wealth tax.
