Norway Votes: Wealth Tax Takes Center Stage in Close Election

Tue Oct 21 2025 06:15:08 GMT+0300 (Eastern European Summer Time)

Norway goes to the polls as the future of a historic wealth tax hangs in the balance. The election could decide the fate of up to $3.3 billion in revenue annually.

Norwegians are casting their votes for a new parliament amidst a heated debate about the country's long-standing wealth tax. With 4.3 million eligible voters and a close contest between the center-left Labor Party and a right-wing coalition, the election results may impact Norway's fiscal policies significantly. The wealth tax, in place since 1892, has been a hot topic, with the Labor Party advocating for its retention while rivals seek reductions or total scrapping. Official results will be announced Tuesday, leading to potential coalition negotiations.

OSLO, Norway (AP) — On Monday, Norwegians headed to polling stations in a critical election where a historic wealth tax was a focal point during the campaign.

About 4.3 million eligible voters are casting ballots for 169 members of Norway’s parliament, known as the Storting. The race is tight, with the center-left Labor Party, led by Prime Minister Jonas Gahr Støre, facing off against a right-wing bloc.

Official results are expected Tuesday, potentially followed by lengthy coalition negotiations before the new government is sworn in by King Harald.

Norway, a NATO member, is not expected to see drastic changes in foreign policy, being a staunch supporter of Ukraine against Russia and maintaining strong economic ties with the EU.

With immense wealth from oil reserves and one of the largest sovereign wealth funds in the world, Norway's welfare system is generous, promoting egalitarianism.

The Labor Party wants to preserve the wealth tax, which taxes assets above 1.76 million kroner (around $176,000), bringing in about 34 billion kroner ($3.3 billion) annually. Meanwhile, opposing parties, including the Conservatives and the Progress Party, advocate for lowering or eliminating the tax entirely.

Youthful social media campaigns are invigorating younger voters, particularly in favor of the Progress Party, potentially swaying the overall election results.