It was about 5B USD that left. They forgot the currency was NOK.

2025 "China Nanjing Week" kicked off in Munich, Germany, coinciding with the 50th anniversary of the establishment of diplomatic relations between China and Germany.​ As revealed at the event, Jiangsu Province has invested in more than 400 projects in Germany, while Nanjing’s 37 industrial sectors align with Germany’s competitive industries. On the same day, at the China International Import Expo (CIIE), Nanjing and Stuttgart co-hosted the "30th Anniversary Joint Exhibition of Sister Cities". Additionally, "Nanjing Week" will also be held in Leipzig and other cities in Germany.@ChinaCG_Muc

You can’t keep taxing people or else this is what happens.

Study Laffer and it should make more sense

I’d be out of there too

If you can't trap it, you can't tax it

👀👀

Source?

And now, the rest of the story. thebetter.news/norway-wealth…

Greed can be unprofitable

@CAgovernor 🙄

I guess taxing the rich doesn’t work

Classic wealth tax policy failure—unintended capital flight outweighs revenue gains by 4x. When sovereigns impose aggressive wealth taxes without capital controls, mobile wealth exits fast. A key lesson for policymakers: tax policy efficacy depends on behavioral responses, not just statutory rates.

But leftists always say wealthy people and their money won’t just leave. Maybe they are wrong.

This approach will increase Norwegians' approval of their government due to its efforts and heighten their disdain for the wealthy based on anticipated responses. Objective achieved.

a tiny less rich to support social services and safety net for those that really need it... Norway ranks top 10 in happiness scale, we rank 24th (and declining)

did you bother verifying if this is accurate

How long before they realise it’s counterproductive?

Yes, and just.

Oopsy

FAFO

😮

@Grok is this correct

You don’t seem to be up on their sovereign wealth fund, and where it comes from. Google before you chase social media engagement.

False. It raised $146M and oligarch flight equalled $46M in lost revenue, making the 0.1% wealth tax a net contributor to Norway's coffers to the tune of roughly $100M.

It's about time you started quoting facts... NYC is next...

Why

@grok factcheck

@grok did norway's wealth tax result in less revenue?

Yeah when you tax the shit out of the people who actually produce things and create jobs they tend to leave. New York will see the same thing.

Greed, one of the 7 deadly sins. Amazing the lengths the rich will go to avoid being a little less rich.

Norway is a fundamentally different country from North America High Tax by choice, high levels of Govt Services, free healthcare and University, virtually no homeless and oh yeah a Soveriegn wealth fund worth over a Trillion from virtually all of their Oil income

Makes perfect sense Taxes destroy wealth and productivity

You know this isn't strictly true. Did Norway's GDP drop? If not how did the wealth leave?

This is a bad take and the comparison doesn’t hold. While Norway did see billionaires leave, and New York anticipates a similar exodus of wealthy residents, the comparison isn’t technically accurate as of policy differences. Norway’s billionaires exited in response to an actual wealth tax - a direct tax on net assets. In contrast, Mamdani’s proposals target high incomes (a 2% surcharge on earnings above $1 million), corporations and property taxes - not net wealth. Given these differences in policy, the situations are not directly comparable.

This is false. And a right wing meme. Which is why there is no source, and it has been debunked many times. Now spread by you.