STOCKHOLM – In a move that underscores the personal costs and complex tax implications for high-net-worth individuals in the Nordics, Swedish-born billionaire Henrik Müller-Hansen is relocating from Norway to Sweden after more than two decades. The founder and CEO of the global tech platform Gelato cites family reasons as the primary driver, but his departure is accompanied by sharp criticism of the Norwegian tax system and a hefty exit tax bill reported to be nearly half a billion Norwegian kroner.
A Decision Driven by Family
Müller-Hansen, who built his fortune in Norway, frames the decision as a return to roots for his family.
“My wife Isabella’s parents are getting older and live north of Stockholm. Much like [Norwegian Prime Minister] Jonas Gahr Støre talks about, it is in the flock that we find love and belonging. Isabella and I have our flock, it needs us, and for it, Sweden is home,” Müller-Hansen told Dagens Næringsliv.
Both he and his wife are Swedish nationals, but their children have grown up in Norway. The move marks a significant life shift after over 20 years in Oslo.
From Stenbeck Protégé to Global Tech Leader
Müller-Hansen’s entrepreneurial journey is a Nordic success story. Hailing from Munka-Ljungby, Sweden, and an alumnus of the Stockholm School of Economics, he cut his teeth working with industry titans Jan Stenbeck and Lars-Johan Jarnheimer at Tele2.
He later moved to Norway and founded Gelato, a platform that connects e-commerce businesses with a global network of over 130 local print-on-demand production hubs across 30 countries. The company has been a standout in the Nordic tech scene, with a valuation of SEK 9.4 billion (~€840M) as reported in 2023. Müller-Hansen has often credited his time with Jan Stenbeck as a major influence on his entrepreneurial mindset.
Tax System Makes Long-Term Planning “Impossible”
Despite his success, Müller-Hansen reveals a long-standing frustration with the Norwegian tax regime, which he believes stifles long-term planning for entrepreneurs.
“If I were to start Gelato today, I would never do it in Norway. It has become impossible to predict which taxes will appear at the next turn. It becomes very difficult to plan, and thus to build a business,” he stated.
The financial consequence of his move is substantial. Under Norway’s exit tax rules, which tax the unrealized gains on shares when an individual leaves the country, Müller-Hansen is liable for an immediate payment of approximately NOK 460 million (€40M). According to analyses, this liability could balloon to NOK 850 million if the tax payment were deferred over twelve years.
Update & Regional Context: Norway’s wealth and exit taxes remain a topic of debate, often cited in the “brain drain” and “capital drain” of entrepreneurs to neighbouring Sweden, which abolished its wealth tax in 2007. The Swedish government has frequently pointed to this as a key competitive advantage for attracting and retaining business founders.
A Call for Nordic Tax Harmony
While critical of the system he is leaving, Müller-Hansen is careful to position himself as a supporter of the Nordic model and fair taxation. His critique is not of the tax level itself, but of the unpredictability and lack of regional alignment.
“What I wish we discussed was how we could achieve more of a kind of tax harmony in the Nordics, so that an entrepreneur in Norway could compete with one in Denmark, Finland or Sweden on comparable terms,” he said.
His departure and his comments are likely to fuel the ongoing conversation about whether the Nordic countries are coordinating effectively enough to foster a truly integrated and competitive business environment, or if national tax policies are creating unintended barriers to growth and talent retention.