Only a handful of countries still impose an annual tax on an individual’s total net wealth. The clearest examples are Norway, Spain, Switzerland, Colombia, and Argentina. A second group — France, the Netherlands, Italy, and Belgium — does not tax total net worth but does levy recurring taxes on specific categories of assets such as real estate or securities accounts. Most other developed countries that once had broad wealth taxes repealed them between the mid-1990s and late 2000s. If you are trying to work out which countries with a wealth tax you might be exposed to, the list below covers the active regimes, the thresholds, and how each one is structured.
Norway
Norway taxes the worldwide net wealth of its residents through the formuesskatt, split between the national government and the municipality where you live. For the 2026 tax year, the exemption threshold is NOK 1,900,000 for single filers and NOK 3,800,000 for married couples assessed jointly.1The Norwegian Tax Administration. Net Wealth Tax and Valuation Discounts Wealth below those amounts is not taxed.
Above the threshold, the municipal portion is 0.35% and the state portion is 0.65%, for a combined rate of 1.0% on net wealth up to NOK 21,500,000. Wealth above that faces a higher state rate of 0.75%, bringing the combined top rate to 1.1%.1The Norwegian Tax Administration. Net Wealth Tax and Valuation Discounts Assets are valued as of January 1 each year, and residents must report holdings both in Norway and abroad.
Spain
Spain runs two overlapping wealth taxes. The older one is the Impuesto sobre el Patrimonio, which taxes net wealth above a general national exemption of €700,000 per person, with an additional €300,000 exclusion for a primary residence. Spain’s autonomous regions control the rates and can grant their own exemptions, so the real burden depends on where you live. Some regions, including Madrid, have historically zeroed out the tax through 100% credits.
To counter that internal tax competition, the national government introduced the Temporary Solidarity Tax on Large Fortunes. It works as a top-up: it only applies to the extent a region is not already collecting wealth tax.2Tax Justice Network. Explanatory Note on the Spanish Solidarity Tax The solidarity tax applies to net assets above €3 million, with progressive rates of 1.7% on the first €2.35 million above that floor, 2.1% on the next €5.35 million, and 3.5% on everything beyond €10.7 million.3Agencia Tributaria. Temporary Solidarity Tax on Large Fortunes Originally designed as a two-year measure, it has continued to be collected beyond its initial window.
Switzerland
Switzerland has no federal wealth tax. Every canton levies its own, and the rates differ substantially. Across all 26 cantons, effective rates for a married taxpayer with CHF 1 million in net wealth range from about 0.13% in Nidwalden to roughly 0.68% in Neuchâtel. At CHF 5 million, the spread widens from 0.13% to about 0.76%.4National Bureau of Economic Research. Taxing Wealth: Evidence from Switzerland
The tax base is defined federally: residents declare their worldwide assets, including foreign bank accounts and overseas real estate, minus all debts. Each adult receives a personal deduction, and children generate additional deductions. Rates, brackets, and any supplemental municipal multipliers are entirely cantonal decisions.5PwC. Switzerland – Individual – Other Taxes Moving from Geneva to Schwyz can cut a wealth tax bill by more than half.
Colombia
Colombia levies the Impuesto al Patrimonio on individuals whose net assets exceed 72,000 UVT as of January 1. For 2026, that threshold works out to roughly COP 3.77 billion, or about USD 900,000 at current exchange rates. The tax reaches worldwide assets for Colombian tax residents and Colombian-source assets for non-residents.
Rates are marginal and progressive:
- Up to 72,000 UVT: 0%
- 72,000 to 122,000 UVT: 0.5%
- 122,000 to 239,000 UVT: 1.0%
- Above 239,000 UVT: 1.5%
The top 1.5% rate is scheduled to apply only through 2026. The Colombian government has proposed lowering the filing threshold to 40,000 UVT and raising rates as high as 5% for the 2026 fiscal year. As of early 2026, that proposal is under review by the Constitutional Court, with a decision expected before the May filing deadline.
Argentina
Argentina’s Bienes Personales tax applies to residents on their worldwide personal assets and to non-residents on assets located within Argentina. A 2024 overhaul under Law 27.743 restructured the system. Rates now apply uniformly regardless of where assets are located, eliminating the old penalty for holding assets abroad.
For the 2024 fiscal year, rates ranged from 0.50% to 1.25% on assets exceeding a non-taxable minimum that adjusts annually with inflation. Taxpayers with a clean compliance record qualify for reduced “good taxpayer” rates ranging from 0% to 0.75%. The law also introduced a Special Advance Payment Regime (REIBP) that allows taxpayers to make a one-time payment at 0.45% to 0.50% and avoid annual filings through fiscal year 2027.6Worldwide Tax Summaries. Argentina Code – Individual – Other Taxes Non-residents with Argentine assets pay a flat 0.5% through a local representative. Argentina is deliberately reducing its wealth tax rates toward 0.25% by 2027.
France’s Real Estate Wealth Tax
France abolished its broad wealth tax, the ISF, in 2018 and replaced it with the Impôt sur la Fortune Immobilière, which taxes only real estate holdings. If the net value of your taxable property exceeds €1.3 million as of January 1, you owe the IFI. That threshold has been fixed at €1.3 million for several years, and the tax applies to both residents and non-residents who own French property. Stocks, bonds, and cash are outside its scope.
The IFI uses a progressive bracket structure, but the brackets start at €800,000 rather than €1.3 million. Once you cross the €1.3 million filing threshold, you pay on the portion above €800,000:
- €800,001 to €1,300,000: 0.50%
- €1,300,001 to €2,570,000: 0.70%
- €2,570,001 to €5,000,000: 1.00%
- €5,000,001 to €10,000,000: 1.25%
- Above €10,000,000: 1.50%
A rebate applies when net taxable property falls between €1.3 million and €1.4 million, softening the cliff effect at the threshold. Mortgage debt tied to taxable property is deductible, with limits on bullet loans and family loans.
Countries That Tax Specific Assets Instead
Several countries do not tax total net wealth but impose recurring levies on particular asset categories. These are not wealth taxes in the strict sense, and someone comparing regimes country by country should know they exist so they don’t assume the absence of a general wealth tax means no annual asset tax at all.
Netherlands: Box 3
The Netherlands taxes savings and investments through Box 3, which assumes a fictional rate of return on your assets and then taxes that deemed income at a flat 36%. For 2026, the deemed return is 1.28% for bank balances and 6.00% for investments, with a 2.70% rate applied to debts. The tax-free allowance is €59,357 per person.7Belastingdienst. How Is My Box 3 Income Calculated on My Provisional Assessment If your actual return was lower than the deemed amount, you can challenge the assessment. A full overhaul to tax actual realized gains has been delayed until at least 2028.
Italy: IVAFE and IVIE
Italy taxes foreign financial assets through the IVAFE at 0.2% of market value, rising to 0.4% for assets held in jurisdictions Italy classifies as tax havens. Foreign bank and savings accounts face a fixed charge of €34.20 per account, though accounts averaging under €5,000 are exempt. The IVIE taxes foreign real estate at 1.06% of cadastral or market value. Both target assets held outside Italy.
Belgium: Securities Account Tax
Belgium levies an annual 0.15% tax on securities accounts with an average value above €1 million. It covers stocks, bonds, fund units, and other securities held in the account, but not real estate or other asset types.
What Counts as Taxable Wealth
The countries that tax net wealth generally start from the same baseline: the fair market value of everything you own, minus your debts. That covers real estate, bank balances, brokerage accounts, stocks, bonds, mutual funds, and in most cases high-value personal property such as vehicles and art. The total is measured on a specific date, usually January 1 or December 31.
From the gross figure, you subtract legitimate debts. Mortgages, personal loans, and documented liabilities reduce your taxable base. Some countries allow further deductions for business assets, agricultural land, or household goods below a certain value. France’s IFI is the sharpest example of a narrow base: only real estate counts, so a portfolio of stocks and bonds worth tens of millions generates zero IFI liability.
Treatment of retirement accounts varies and is often the most consequential exclusion. Norway, for example, applies valuation discounts to certain asset categories rather than excluding them outright. Switzerland includes most assets but grants per-person deductions. Two people with identical net worth can face very different tax bills depending on how their wealth is distributed and how their country of residence treats each asset class.
Countries That Used to Have a Wealth Tax
The current list is shorter than it was a generation ago. Between 1994 and 2007, eight OECD countries eliminated their net wealth taxes: Austria and Denmark in the mid-1990s, Germany in 1997, the Netherlands in 2001, and Finland, Iceland, Luxembourg, and Sweden between 2006 and 2007.8OECD. The Role and Design of Net Wealth Taxes in the OECD France converted its broad wealth tax into the real-estate-only IFI in 2018. Spain effectively suspended its wealth tax through a 100% credit in 2008, then revived it in 2011 during the financial crisis. If you are researching residency or asset planning based on older information, check whether the country you have in mind still runs the regime it did ten or fifteen years ago.