Norway’s elite gather in Arendal to discuss wealth tax amid grassroots campaign

This week, Norway’s influential elite gathered in Arendal for mingling and debate, including several representatives often referred to as “the country’s richest.” Two of these prominent figures have a specific mission in the southern city.

Roger Hofset and Knut Flakk, industrialists from Sunnmøre, initiated the grassroots campaign “Action for Norwegian Ownership” last February after the red-green government increased the wealth tax on ordinary operating assets in private enterprises. They have since enlisted former regional director of NHO Møre and Romsdal, Espen Remme, to lead their efforts.

The activists have spent the summer preparing the 20-meter-long vintage boat “MS Gamle Havstein,” which will tour the coast as a meeting space for residents, politicians, businesspeople, and others engaged in tax policy discussions. The inaugural journey was to Arendal to confront the political elite. “When politicians won’t come and meet us, we must go where they are,” Hofset explained.

The main topic of discussion onboard will be Norway’s wealth tax, particularly its impact on working capital in private companies. Hofset asserts, “The wealth tax is deeply unfair and destructive for the country,” noting that Norway now has more foreign companies than Norwegian ones.

Critics argue that the tax hampers small and medium-sized enterprises, forcing some businessowners to withdraw funds for tax payments rather than reinvesting in their businesses. Supporters, however, contend the tax is appropriate, as the wealthiest contribute significantly to its revenue.

The action group’s boat has hosted various events, including a debate on ownership in Norway. They explored Sweden as a model, highlighting its absence of wealth and dividend taxes, which they argue fosters a more conducive environment for entrepreneurship. The group hopes to engage further with key government officials in the coming days.