Net wealth taxes remain a niche feature of European fiscal systems, with only a handful of countries imposing a direct levy on the total value of an individual’s assets. The rates, thresholds, and geographic scope vary widely, and many jurisdictions have shifted toward asset‑specific taxes or temporary measures.
Net wealth taxes
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Norway – A 1 % net wealth tax applies to assets above NOK 1.9 million (≈ EUR 172,710 / USD 199,000). The levy is split 0.35 % to municipalities and 0.65 % to the central government. For wealth exceeding NOK 21.5 million (≈ USD 2.2 million), the rate rises to 1.1 %. The tax has been in force since 1892.
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Spain – The wealth tax is progressive, ranging from 0.16 % in Navarra to 3.5 % on assets above EUR 700,000, with substantial regional variation. Several autonomous regions (e.g., Andalusia, Cantabria, La Rioja, Madrid, Murcia, Extremadura) grant full relief for net wealth below €3 million. Residents are taxed on worldwide assets; non‑residents are taxed only on Spanish‑situated assets.
In 2022 the central government introduced a “solidarity wealth tax” of 1.7 %–3.5 % on net assets above EUR 3 million. This tax is collected after regional wealth‑tax revenues are deducted. The solidarity tax was extended indefinitely in December 2023, prompting Madrid and Andalusia to reinstate their regional wealth taxes so that revenues stay with the regions. -
Switzerland – Wealth tax is levied at the cantonal level, covering worldwide assets except foreign real estate and permanent establishments. Rates and exemption thresholds differ markedly among cantons. The Swiss system dates back to 1840.
Asset‑specific wealth taxes
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France – The former net wealth tax was abolished in 2018 and replaced with a real‑estate wealth tax. Residents with worldwide real‑estate holdings of €1.3 million or more, and non‑residents with French real‑estate assets of the same value, are taxed at rates up to 1.5 %.
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Italy – Financial assets held abroad without an Italian intermediary are taxed at 0.2 % (0.4 % for assets in certain jurisdictions). Since 2023, crypto assets held with a non‑resident intermediary or stored offline are also subject to a 0.2 % annual tax. Real‑estate properties abroad owned by Italian residents incur a 1.06 % tax.
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Belgium – Since 2021, a solidarity tax on securities accounts (TSA) of 0.15 % applies to accounts with an average value of €1 million (≈ USD 1.15 million).
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Netherlands – Net wealth, excluding the primary residence and substantial corporate interests, is incorporated into income tax. A 2021 Supreme Court ruling deemed the existing system incompatible with EU property‑rights and non‑discrimination rules. A temporary alternative for 2023‑2027 calculates a deemed return for each asset category; for 2026, assets above a personal exemption of €59,357 (≈ USD 68,373) are taxed at a flat 36 % rate on the deemed return. A permanent system based on actual returns is planned for 2028.
Policy context
- Wealth taxes generate modest revenue for most European governments and have been criticized for creating legal uncertainty.
- An OECD report notes that such taxes can discourage entrepreneurship and long‑term growth.
- Some analysts argue that repeal, rather than reform or rate increases, may be the most effective policy response.
These details reflect the state of wealth taxation across Europe as of 2026, highlighting the diversity of approaches and the ongoing debate over their economic impact.
Source article: taxfoundation.org
