Wealth Tax Around the World: Which Countries Still Levy Net Wealth Taxes

Annual net wealth taxes — levied on an individual's total assets minus liabilities — were once common in Europe. During the 1990s, over a dozen European countries had them. Today, most have been abolished. But the debate is not over: rising inequality, populist politics, and fiscal pressure following the COVID-19 pandemic and the energy crisis have renewed calls for wealth taxes in many countries, and several jurisdictions have introduced or proposed new measures.

For internationally mobile HNW individuals, understanding which countries impose wealth taxes, at what rates, and on which asset base is important for planning residency decisions and for assessing the total tax burden in any jurisdiction.

This guide provides a country-by-country overview, as of 2026.

Wealth tax rules change. This information is current as of 2026 but may be superseded. Always take professional advice before making residency decisions based on tax considerations.

What Is a Net Wealth Tax?

A net wealth tax is an annual levy on the total value of an individual's net assets — typically defined as all assets (financial accounts, real estate, business interests, vehicles, art, jewellery, and other valuables) minus qualifying liabilities (mortgages, loans).

It is distinct from:

• Inheritance or estate tax — charged on death, not annually
• Property tax — levied on the value of real property only, not total wealth
• Capital gains tax — levied on realised gains, not total wealth

Wealth taxes are administratively complex (annual valuations of all assets are required) and economically controversial (critics argue they drive capital flight and affect unrealised wealth that may not generate cash income to pay the tax). These concerns contributed to the wave of abolitions in the 1990s and 2000s.

Countries With Active Net Wealth Taxes

Switzerland

Switzerland retains a cantonal net wealth tax — making it unusual among developed economies in still having this levy. All cantons levy wealth tax, but rates vary significantly.

• What is taxed: Worldwide assets of Swiss residents (financial assets, real estate, business interests, life insurance policies with surrender value, vehicles, art, valuables)
• Deductions: Mortgages, personal debts, and standard deductions
• Rates: Typically 0.1% to 0.7% of net wealth per annum, varying by canton and by level of wealth. Zug is the lowest-tax canton; Geneva and Zurich are higher.
• Threshold: There is a modest exemption amount (varies by canton; in Zurich it is approximately CHF 200,000 for an individual).

At typical rates, the Swiss wealth tax on CHF 5 million of net assets might be approximately CHF 10,000-35,000 per year depending on the canton and composition of assets — modest in the context of investment returns, though meaningful for investors with large illiquid asset portfolios.

The Swiss wealth tax should be modelled carefully alongside the income tax regime and the lump-sum tax option when assessing Switzerland as a residency jurisdiction.

Norway

Norway levies a net wealth tax at a national level, supplemented by a municipal wealth tax.

• State (national) component: 0.65% (as of 2026, on wealth above NOK 1.9 million)
• Municipal component: 0.35% (on wealth above NOK 1.9 million)
• Combined rate: 1% on net wealth above the threshold
• Additional rate: 0.1% additional state rate on net wealth above NOK 21.5 million (giving a combined rate of 1.1%)
• What is taxed: Worldwide assets of Norwegian residents, with specific valuation rules. Listed shares are valued at 80% of market value; primary residences at a percentage of estimated value; unlisted company shares at a percentage of tax value.

Norway's wealth tax is more substantial than Switzerland's and has been increasingly controversial. There have been multiple high-profile cases of wealthy Norwegian entrepreneurs renouncing Norwegian residence (notably in favour of Switzerland) to escape the wealth tax — triggering an exit wealth tax on departure (Norway imposes a charge on unrealised gains on share holdings on exit, designed to capture appreciated assets before departure).

Spain

Spain has a complex wealth tax landscape. At the national level, Spain introduced a solidarity wealth tax (Impuesto Temporal de Solidaridad de las Grandes Fortunas) from 2022, applying to individuals with net wealth above €3 million. This levy applies at a sliding scale: 1.7% on the first €3-10 million above the threshold; 2.1% between €10-20 million; 3.5% above €20 million.

In addition, the regional wealth tax (Impuesto sobre el Patrimonio) has historically applied in most regions, though some regions (notably Madrid) have offered 100% bonifications (rebates), effectively exempting residents from the regional tax. The interaction between the solidarity tax and regional bonifications has been the subject of legal challenge and ongoing political debate.

The net effect: wealthy residents in most Spanish regions (excluding Madrid) face annual wealth tax at rates of 0.2% to 3.5%+, on net wealth above thresholds that vary by region. For non-residents, the wealth tax applies to Spanish-situated assets above a €700,000 threshold.

Key implication: For HNW families holding Spanish real estate or considering Spanish residency, the wealth tax burden is a significant factor in planning. The Beckham Law (a special impatriate regime for new residents) does not exempt from Spanish wealth tax.

Colombia

Colombia imposes a wealth tax (Impuesto al Patrimonio) on resident individuals (and some non-resident entities with Colombian assets) whose net wealth exceeds COP 72 billion (approximately $20 million). Rates are 0.5% to 1% depending on the level of wealth.

Uruguay

Uruguay has a modest net wealth tax — primarily targeting Uruguayan-situated assets, though residents are taxed on worldwide wealth at a low rate (0.1% to 0.7% depending on asset type). Uruguay has emerged as a popular destination for Latin American HNW individuals partly because of its relatively benign tax environment overall, despite the wealth tax.

Argentina

Argentina periodically imposes wealth taxes. As of 2026, Argentina has a personal assets tax (bienes personales) with rates up to 1.75% on Argentine-situated assets for residents and 0.5-2.25% for non-residents with Argentine assets. Argentina's tax system is in significant flux and should be assessed with specialist local advice.

Countries That Abolished Wealth Taxes (Notable Cases)

Understanding where wealth taxes were abolished — and why — provides useful context.

Germany — abolished 1997. The Federal Constitutional Court ruled the existing wealth tax unconstitutional because of differential treatment of real property (valued below market). Rather than reform the valuations, the government abolished the tax.

Sweden — abolished 2007. Sweden's wealth tax was seen as damaging to Swedish competitiveness and contributing to capital flight.

France — partially abolished 2017. The ISF (Impôt de solidarité sur la fortune) was replaced by a much narrower IFI (Impôt sur la fortune immobilière) applying only to real estate wealth above €1.3 million. Financial assets are no longer subject to French wealth tax.

Netherlands — abolished the traditional wealth tax but retains a form of deemed return tax (box 3) on savings and investments, which is economically similar. The box 3 regime has been subject to significant legal challenge and reform as of 2026.

United Kingdom — has never had a net wealth tax, though there have been periodic calls for one. The UK uses other tools (inheritance tax, CGT) rather than an annual wealth levy.

United States — has no federal wealth tax. Various proposals have been made at the federal level (the "Ultra-Millionaire Tax" and similar), but none has been enacted as of 2026. Some states impose property taxes but not net wealth taxes.

Countries Currently Considering or Debating Wealth Taxes

The global political environment in 2026 sees renewed discussion of wealth taxes in several jurisdictions:

Brazil — a Brazilian global minimum wealth tax proposal has been championed at the G20 level. As of 2026, no binding international agreement has been reached, but the political direction is notable.

UK — wealth tax proposals from left-leaning political voices have periodically surfaced, though as of 2026 the government has not committed to introducing one.

US — Democratic proposals for various forms of wealth or unrealised gains tax continue to circulate at the legislative level but have not achieved passage.

EU members — various member states have proposed or introduced new levies on high-wealth individuals, often characterised as "solidarity" contributions rather than formal wealth taxes.

For internationally mobile individuals, monitoring these policy discussions is important. Residency decisions made in 2026 should factor in the risk that a jurisdiction currently without a wealth tax may introduce one in coming years.

Planning Implications

Know Your Wealth Tax Exposure Before Moving

Before establishing tax residence in any country, model the full tax burden including any wealth tax. In Switzerland, the wealth tax is modest but real. In Norway, it can be very significant for wealthy individuals. In Spain, it depends heavily on the region and the amount of wealth involved.

Non-Resident Exposure

Several countries tax non-residents on wealth situated within their territory. Spain applies to Spanish real estate. France's IFI applies to French real estate of non-residents above the threshold. Owning property in a wealth-tax jurisdiction creates exposure even without being resident there.

Holding Structures

In some jurisdictions, holding assets through corporate structures rather than personally can reduce or eliminate wealth tax exposure. Spain's wealth tax, for example, applies to the value of direct share holdings, but not to shares in companies that hold the assets — though exemptions for qualifying business assets exist. The interaction between structure and wealth tax varies by jurisdiction and requires specialist advice.

Liquidity Management

Wealth taxes create an annual cash demand on assets that may not generate cash income — particularly real estate, private equity, or fine art holdings. Ensuring sufficient liquidity to meet wealth tax liabilities without forced sales is an important planning consideration.

How Global Investments Can Help

Global Investments helps internationally mobile clients understand and plan for wealth tax exposure as part of comprehensive cross-border financial planning. We model the full tax burden in jurisdictions of interest — including wealth taxes, income taxes, CGT, and estate taxes — and help clients make informed residency decisions.

Where wealth tax exposure is unavoidable, we advise on holding structures, investment vehicles, and asset location strategies that can minimise the liability within the law. Contact us to discuss your specific situation.

Capital is at risk. Wealth tax rules vary by jurisdiction and change frequently. This article is for information only and does not constitute legal, tax, or financial advice.