Oslo — Norwegians went to the polls Monday in the main day of voting for a new 169-member parliament, with the future of a wealth tax that dates to 1892 emerging as the dominant issue in a closely fought election.
About 4.3 million eligible voters were casting ballots in a contest expected to produce a narrow result between a center-left bloc led by Prime Minister Jonas Gahr Støre's Labour Party and a right-wing bloc that includes the Conservatives and the populist Progress Party. Official results were expected Tuesday, and any outcome will probably be followed by weeks of coalition negotiations and talks over Cabinet posts before King Harald can swear in a new government.
The wealth tax — a levy of up to 1.1% on assets and shares above 1.76 million kroner (about $176,000), subject to various reductions and discounts — became a clear line of contest during the campaign. Labour has argued that keeping the tax is essential to funding Norway's generous welfare state and to maintaining a more equal distribution of the country's resources. The party has said that abolishing the tax would reduce state revenues by about 34 billion kroner (roughly $3.3 billion) annually.
Right-leaning rivals have pushed for relief or repeal. The Conservative Party proposes reductions to the levy, while the Progress Party, led by Sylvi Listhaug, campaigned on a platform calling for lower taxes and tighter immigration controls and has urged the tax's elimination. Polls in recent weeks showed Listhaug's party outperforming the Conservatives, aided in part by an energetic social media campaign that drew younger voters into the debate over the wealth tax.
Norway's vote comes amid longstanding economic strength tied to its oil and gas sector and the world's largest sovereign wealth fund, valued at around 20 trillion kroner (about $2 trillion). The country ranks among the highest in per-capita GDP globally and is noted for an extensive welfare system and high levels of income equality. Those factors have made the wealth tax both a symbolic and practical issue in discussions of fairness and fiscal policy.
Observers say the election outcome is unlikely to change Norway's foreign policy fundamentals. The country remains a steadfast NATO member and a strong supporter of Ukraine's defense against Russia. Norway is not a member of the European Union but maintains close economic ties to the bloc. It also shares a border with Russia in the Arctic north.
Election officials said the process would be followed by coalition negotiations if no bloc wins an outright majority. Norway's proportional representation system typically requires parties to form multi-party governments. The talks can take several weeks as parties seek agreement on policy priorities and Cabinet composition before the monarch formally appoints a new government.
Turnout figures and preliminary tallies were expected with the official count on Tuesday, after which parties and analysts would assess coalition arithmetic. The campaign's intense focus on the wealth tax has heightened scrutiny of how any incoming government would balance fiscal commitments with public expectations for continued welfare spending and economic stability.