Inequality is rising. Poverty is deepening. And Sweden’s wealthy are not paying their fair share.
Across Europe, economic divides are widening. The poorest half of the EU—181 million people—owns as much wealth as just 3,600 of the richest individuals. The middle class is shrinking in most EU countries. Poverty is on the rise.
Sweden is no exception. It ranks sixth globally for wealth inequality. Over 700,000 Swedes now live in material and social poverty—an increase of 120,000 in just one year, according to Statistics Sweden.
Families struggle to afford food, rent, electricity, and healthcare. Household debt is rising. Some rely on food aid. Others take high-risk loans to avoid choosing between heating and essentials. Yet at the same time, Sweden’s billionaire class is growing. The country now has 45-dollar billionaires. The top five own more wealth than 5 million Swedes combined—per Oxfam’s 2025 report Takers, Not Makers. Shockingly, around 70% of these billionaires’ fortunes stem from untaxed inheritances—wealth not earned, but passed down.
This is not inevitable. Policy choices created this gap—and policy can close it. Norway offers a compelling example. Wealth tax became a central issue in its 2025 autumn elections. Despite having higher inequality than Sweden, Norway retains a system that asks the ultra-rich to contribute more.
France is also acting. Economist Gabriel Zucman has proposed a “Zucman tax”: a 2% levy on wealth above €100 million. It would affect just 1,800 households—but raise €20 billion annually (roughly 220 billion SEK) for public services.
Sweden once had a wealth tax—abolished in 2007. It’s time to bring it back, but better designed. Oxfam proposes a progressive wealth tax targeting only those with assets over 50 million SEK. A 5% rate on fortunes exceeding 10 billion SEK could generate 158 billion SEK yearly—nearly one-third of Sweden’s entire healthcare budget. That revenue could shorten hospital wait times, strengthen schools, and fight unemployment.
Myth-busting: The rich won’t flee.
Opponents warn the wealthy will leave. Evidence says otherwise. In Norway, only 30 billionaires relocated after wealth tax reforms—just 0.01% of those affected. Most stay because their assets are rooted in the local economy. Many support a fairer society.
The OECD and Tax Justice Network confirm: well-designed wealth taxes pose minimal flight risk.
The stakes are clear.
France is demonstrating. Norway is legislating. Sweden must act. With cost-of-living pressures mounting and new poverty emerging, Sweden cannot afford to become a de facto tax haven for the ultra-rich.
A dignified, fair, and inclusive future is possible—for everyone. But it requires political courage and economic justice. Sweden’s lesson is simple: learn from Norway. Introduce a modern wealth tax. Ensure the richest finally pay their share.
The Nordic Business Journal is committed to accuracy and fairness. If you believe this article contains errors, please contact us at info@Nordicbusinessjournal.com .
This article is drawn from a report by Suzanne Standfast and Hanna Nelson, of Oxfam Sweden, initially published in the Swedish paper Sydsvenskan