Wealth Tax by Country: Where It Still Applies in 2026

The recurring net wealth tax is nearly extinct. As of 2026, only three European countries still charge one — Norway, Spain and Switzerland — and counting Colombia, just four OECD members tax your total net assets every year. That's down from a peak of twelve in the mid-1990s (Tax Foundation). But "no wealth tax" rarely means what it sounds like: France and Italy quietly replaced theirs with narrower levies that still bite specific assets.

TL;DR: Four OECD countries still levy an annual net wealth tax in 2026 — Norway (1.0–1.1%), Spain (0.2–3.5%), Switzerland (roughly 0.1–1% by canton) and Colombia (0.5–1.5%). The OECD peak was twelve wealth-tax countries in the mid-1990s (Tax Foundation). France and Italy abolished theirs but kept narrower asset-specific taxes.

Which countries still have a wealth tax in 2026?

Four OECD countries still levy a recurring net wealth tax in 2026: Norway, Spain, Switzerland and Colombia. The mid-1990s peak was twelve — Austria, Denmark, Finland, France, Germany, Iceland, Italy, the Netherlands, Norway, Spain, Sweden and Switzerland (Tax Foundation). Most abolished theirs over revenue and capital-flight concerns.

The pattern is hard to miss. Over three decades, country after country looked at the administrative cost, the revenue raised, and the wealthy residents heading for the exit — and scrapped the tax. Germany's lapsed in 1997. Finland and Iceland dropped theirs in 2006. Sweden followed in 2007. The survivors kept their versions for reasons that are as much political as fiscal.

So where does that leave the map? Here's the short list of countries with a live net wealth tax and the headline numbers for 2026.

Country	Annual rate range	Tax-free threshold	Scope
Norway	1.0% – 1.1%	NOK 1.9M single / 3.8M married	Worldwide net assets
Spain	0.2% – 3.5%	€700,000 (+ €300k home)	Worldwide net assets
Switzerland	~0.1% – 1% (by canton)	Varies by canton	Worldwide net assets
Colombia	0.5% – 1.5%	72,000 UVT	Worldwide net equity

[CHART: Line chart — number of OECD countries levying a net wealth tax, 1990–2026 (peak of 12 declining to 4) — Tax Foundation]

[UNIQUE INSIGHT] The headline rates understate the real divergence. Spain and Colombia tax net worth progressively, so a billionaire pays a far higher effective rate than someone just over the threshold. Norway and Switzerland sit near 1% flat. The structure matters more than the top rate — a 3.5% Spanish band only touches assets above roughly €10.7 million.

Citation capsule: Only four OECD countries levied a recurring net wealth tax as of 2025/2026 — Norway, Spain, Switzerland and Colombia — down from a peak of twelve in the mid-1990s, according to the Tax Foundation. The abolitionists include Germany, Sweden, Finland, Denmark, the Netherlands, Austria and Iceland.

[INTERNAL-LINK: countries that never taxed net worth → list of zero-wealth-tax jurisdictions]

How does Spain's wealth tax actually work?

Spain runs two parallel charges on net worth. The regional Impuesto sobre el Patrimonio applies progressive rates from 0.2% up to 3.5% on net wealth above roughly €10,695,996, with a €700,000 allowance plus a primary-residence exemption of up to €300,000 (PwC). A filing obligation kicks in when tax is due or gross wealth tops €2 million.

That's only half the picture. Some regions, most famously Madrid, granted a 100% rebate on the regional wealth tax — effectively zeroing it out. The national government answered with a separate Solidarity Tax on Large Fortunes (ITSGF).

The Solidarity Tax loophole-closer

The ITSGF targets net assets above €3 million at 1.7% (€3M–€5.35M), 2.1% (up to €10.7M) and 3.5% above that (PwC). Crucially, regional wealth tax already paid is credited against it. So a Madrid resident who pays nothing regionally still pays the state tax — the rebate buys little for the genuinely wealthy.

This is the part most summaries miss. Moving to a "wealth-tax-free" Spanish region won't save a high-net-worth resident much, because the central government simply collects the difference. The two taxes are designed to interlock.

Spanish net wealth band	ITSGF marginal rate
€3,000,000 – €5,347,998	1.7%
€5,347,998 – €10,695,996	2.1%
Above €10,695,996	3.5%

For more on the broader regime, see our Spain jurisdiction profile. Residents weighing nearby alternatives often compare it against Italy's flat-tax options, which work very differently.

Citation capsule: Spain's national Solidarity Tax on Large Fortunes (ITSGF) taxes net assets above €3 million at 1.7%, 2.1% and 3.5%, crediting any regional wealth tax already paid, per PwC Worldwide Tax Summaries. Residents in 100%-relief regions like Madrid therefore pay the state tax instead.

What are Norway's and Switzerland's wealth tax rates for 2026?

Norway charges 1.0% on net wealth between NOK 1,900,000 (single) / NOK 3,800,000 (married) and NOK 21,500,000, rising to 1.1% above NOK 21,500,000 for 2026 (PwC). The 2026 split shifts to 0.35% municipal and 0.65–0.75% state, but the combined 1.0%/1.1% burden is unchanged from 2025.

Norway's wealth tax has become a live political controversy. Several high-profile entrepreneurs relocated to Switzerland after recent increases, arguing the levy on illiquid business shares forces them to pull cash out of growing companies to pay it. The government has held the line on the headline rate while reshuffling the municipal-versus-state allocation.

Switzerland: a tax that depends entirely on your canton

Switzerland levies net wealth tax only at the cantonal and communal level on worldwide net assets, with rates varying widely. Zurich's 2026 schedule for singles tops out at 0.30% on wealth above CHF 3,304,000, while rates across all cantons generally span roughly 0.1% to 1% (PwC).

[PERSONAL EXPERIENCE] In practice, the canton you pick can change your annual bill by a factor of five or more on the same net worth. Low-tax cantons such as Zug are perennial magnets for wealthy newcomers precisely because the wealth-tax schedule — stacked on top of low income tax — stays modest. Anyone modelling a Swiss move should price the specific commune, not the country.

The contrast with Norway is sharp. Norway applies one national schedule; Switzerland is a patchwork. A resident of Zug faces a different reality from someone in a high-tax canton, even though both live under the same federal flag. Our Switzerland overview breaks down how income and wealth taxes stack at the cantonal level.

Citation capsule: Norway's 2026 net wealth tax is 1.0% on net wealth between NOK 1.9M (single) and NOK 21.5M, rising to 1.1% above that, per PwC. Switzerland taxes worldwide net assets only at cantonal level — Zurich tops out at 0.30% above CHF 3,304,000 — with rates spanning roughly 0.1% to 1%.

What about Colombia and the "hidden" wealth taxes?

Colombia runs a permanent individual wealth tax (impuesto al patrimonio) on net wealth above 72,000 UVT at marginal rates of 0.5%, 1.0% and 1.5% (PwC). A proposed 2026-only emergency rule would cut the threshold to 40,000 UVT and lift the top rate to 5% — but it sat under Constitutional Court review before the May 2026 filing deadline.

Colombian net wealth band	Permanent rate
72,000 – 122,000 UVT	0.5%
122,000 – 239,000 UVT	1.0%
Above 239,000 UVT	1.5%

Colombia is the wildcard. Its wealth tax has been switched on, off and rewritten repeatedly, and the emergency 5% proposal shows the direction of travel. If you have Colombian tax residency or assets there, watch the court ruling closely — see our Colombia jurisdiction profile for the wider tax context.

France's IFI: a real-estate-only wealth tax

France abolished its broad net wealth tax (ISF) in 2018 and replaced it with the IFI (impôt sur la fortune immobilière), which taxes only non-professional real estate above €1.3 million at progressive rates from 0.5% to 1.5% (PwC). Residents are taxed on worldwide real estate; non-residents only on French-located property.

The political message in 2018 was "we taxed wealth, now we tax property." Financial portfolios, business assets and cash escaped — but a resident with several million in real estate still files an annual wealth-style return. Calling France "wealth-tax-free" is wrong. Read our France jurisdiction profile before assuming property is off the radar.

Italy's IVIE and IVAFE on foreign assets

Italy never reinstated a general wealth tax, but it taxes tax residents on assets held abroad. IVIE hits foreign real estate at 1.06% of value (up from 0.76%), and IVAFE hits foreign financial assets at 0.2% — rising to 0.4% for assets in privileged-taxation jurisdictions — plus a flat €34.20 charge per foreign bank account (PwC).

[UNIQUE INSIGHT] IVIE and IVAFE are wealth taxes in everything but name, and they're aimed squarely at internationally mobile people. An Italian resident with a London flat and a Singapore brokerage account pays an annual percentage of those values regardless of any income they produce. The "Italy has no wealth tax" line collapses the moment your assets sit offshore.

Citation capsule: Italy taxes residents' foreign-held assets via IVIE (1.06% on overseas real estate) and IVAFE (0.2% on foreign financial assets, 0.4% in privileged jurisdictions, plus €34.20 per foreign bank account), per PwC. France's IFI taxes non-professional real estate above €1.3 million at 0.5%–1.5% after abolishing the broad ISF in 2018.

Frequently asked questions

Which European countries have no wealth tax in 2026?

Most of Europe. Germany, Sweden, Finland, Denmark, the Netherlands, Austria, Iceland and others abolished their net wealth taxes over the past three decades, leaving only Norway, Spain and Switzerland with recurring versions (Tax Foundation). France and Italy kept narrower asset-specific levies instead of a general wealth tax.

Does Switzerland's wealth tax apply to foreigners?

Yes. Switzerland's cantonal net wealth tax applies to residents' worldwide net assets regardless of nationality, with rates set by each canton — roughly 0.1% to 1%, and Zurich topping out at 0.30% above CHF 3,304,000 in 2026 (PwC). Non-resident foreigners are generally taxed only on Swiss-located assets such as property.

Is France's IFI a wealth tax?

Functionally, yes — but only on real estate. The IFI replaced France's broad ISF in 2018 and taxes non-professional property above €1.3 million at 0.5% to 1.5%, with residents assessed on worldwide real estate and non-residents only on French property (PwC). Financial and business assets fall outside it.

How much is Spain's wealth tax on €5 million?

Spain applies progressive regional rates from 0.2% to 3.5% after a €700,000 allowance, and the national ITSGF charges 1.7% on net assets between €3M and roughly €5.35M (PwC). The exact bill depends on your region's rebate, since regional wealth tax paid is credited against the state tax.

The takeaway for 2026

The annual net wealth tax is a shrinking club. Four OECD countries still run one, and the long-term trend points down, not up — twelve countries levied one in the mid-1990s (Tax Foundation). For most internationally mobile entrepreneurs, the bigger risk isn't the headline wealth tax. It's the hidden cousins: France's IFI on property, Italy's IVIE and IVAFE on offshore assets, and Spain's interlocking regional-plus-state design that makes "wealth-tax-free" regions far less generous than they look.

Before you commit to residency anywhere, map both the obvious tax and the asset-specific ones. A country with no wealth tax on paper can still charge you a percentage of your foreign property or portfolio every year. Compare the full picture — income, wealth, and asset-specific levies — across the jurisdictions you're shortlisting.

Disclaimer: This article is general information, not tax or legal advice. Tax rules change and depend on your specific circumstances. Consult a qualified professional before acting.