“Alpine exodus” of the super-rich: More and more royal billionaires are fleeing to Switzerland

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The term “Swiss” has become a swear word these days in circles close to the government in Norway. No wonder: For two years now, the richest Norwegians have been fleeing the country on a massive scale to escape tax policy. And the vast majority of them move to Switzerland.

The latest list of the 400 richest Norwegians published by Finansavisen magazine makes disturbing reading, at least from a Norwegian perspective. 75 of the 400 richest people live abroad; 6 of them are in the top 10. A year ago there were only 41 abroad and 4 in the top 10. So now one in five very rich Norwegians lives abroad.

Of these 75 richest Norwegians, 47 live in Switzerland, that is, almost two-thirds. Or to put it another way: one in nine super-rich Norwegians lives in Switzerland. The second most popular country for the rich to emigrate to is Great Britain, where there are only 12 super-rich Norwegians.

A billion dollar boon to Switzerland

Almost half of the wealth created by northerners abroad goes to Switzerland: 47 “tax evaders” are worth 375 billion crowns, or 33 billion francs. Although that’s not all. In the past two years, around 400 people moved from Norway to Switzerland, most of whom could be described as “wealthy”.

A total of 20 of the 400 Norwegian kroner billionaires are also franc billionaires. 10 of them live in Switzerland:

• Odd Reitan* (retail, real estate, finance)
• Kjell Inge Røkke (Marine Technology)
• Torstein Hagen* (shipping company)
• Stein Erik Hagen (food, industry, finance, media)
• Ivar Erik Tollefsen* (real estate)
• Bjørn Rune Gjelsten* (real estate, industry, sports)
• Svein Stole (Finance)
• Lars Wenaas* (textile, hotel industry, transport)
• Arne Alexander Wilhelmsen (shipping company)
• Bent Christian Wilhelmsen (shipping company)

Those marked * do not strictly live in Switzerland, but have already transferred the largest share of their assets to their heirs who have moved to Switzerland. For example, Odd Reitan’s grandchildren, Viktoria and Kristoffer Reitan, live in Geneva. Nina Tollefsen, daughter of Ivar Erik Tollefsen, recently moved to Lugano TI. Ingrid Gjelsten, daughter of Bjørn Rune Gjelsten, lives in Hergiswil Northwest.

But not everyone has just moved to Switzerland since the tax tightening: Torstein Hagen, for example, moved to Switzerland in 1985. The shipping company Viking Cruises is headquartered in Basel.

Battle for Norwegians

Some places in Switzerland have recognized the potential in Norwegians who want to emigrate. Andermatt Swiss Alps, for example, markets its luxury properties locally in Norway. Others just seem lucky: several wealthy Norwegians live in Hergiswil NW. Winter sports star Bjørn Dæhlie, who moved to Zug in 2022, also now lives in Hergiswil. Diana Hartz, head of economic development at the economic directorate of the canton of Nidwalden, reassures Blick: “Economic development in Norway has not been active on the ground in recent years.” Acquisitions abroad are occurring “to a very manageable extent” through active location marketing projects abroad, but primarily through direct processing of solicitations.

Apparently “groups” of wealthy Norwegian expats are forming in some parts of Switzerland. They are well networked with each other and conduct indirect location marketing. An active purchase is still worthwhile for potential Swiss rich places to live.

Wealthy Norwegians currently fear further tightening of tax laws and are quite willing to move away from this law. How long Norway will watch its wealth and economic know-how escape is another matter. Some immigrants have signaled that they would be willing to return to their countries if the tax regime is relaxed.

Source :Blick