🧠 Calquify Intelligence
Only three major European countries have a genuine annual net wealth tax — Spain, Norway, and Switzerland
France abolished its general wealth tax (ISF) in 2018, replacing it with the IFI (Impôt sur la Fortune Immobilière) which taxes only real estate assets above €1,3m. Germany and Belgium have no wealth tax. Italy has no general wealth tax (IVIE on foreign real estate and IVAFE on foreign financial assets are limited exceptions). Spain (0,2-3,5% above €700.000), Norway (1,1% above NOK 1,7m/€144.000), and Switzerland (cantonal rates 0,1-0,3%) are Europe's remaining countries with genuine annual wealth taxation.
Source: National tax authorities 2026
Spain introduced a new Solidarity Wealth Tax in 2022 — making Spain's wealth tax burden the highest in Europe
Spain has two overlapping wealth taxes: the traditional Impuesto sobre el Patrimonio (0,2-3,5%) and the Impuesto de Solidaridad de las Grandes Fortunas (ISGF) introduced in 2022 (1,7-3,5% on assets above €3m). The ISGF was designed to prevent Madrid and Andalucía from using their autonomy to zero out the patrimonio tax — by applying a national tax floor. Combined, Spain's wealth taxes on very large estates can reach 3,5%+ annually — the highest in Europe and a significant driver of UHNW relocation to Portugal (IFI-free), Luxembourg, or non-EU jurisdictions.
Source: OECD + national authorities
The Netherlands has no formal wealth tax but Box 3 acts as one — 36% on deemed 6,17% return
The Dutch Box 3 system taxes investment assets (savings, shares, rental property excluding primary home) at 36% on a deemed annual return of 6,17% regardless of actual performance. On a €500.000 portfolio, Box 3 tax = €500.000 × 6,17% × 36% = €11.106/year — equivalent to approximately a 2,2% annual wealth tax. Following the 2021 Hoge Raad ruling finding the old system unconstitutional, the Netherlands is transitioning to actual-return taxation from 2027. The current transitional system is still deemed-return based.
Source: Tax authority publications 2026
Key Rates — Wealth Tax Thresholds Europe 2026
National tax authorities 2026
📋 Reference Data
Wealth Tax Summary — Europe 2026
National tax authorities 2026
| Country | Wealth Tax | Threshold | Rate | Scope | Notes |
|---|---|---|---|---|---|
| Spain 🇪🇸 | Impuesto Patrimonio + ISGF | €700.000 (Patrimonio) | 0,2-3,5% (Patrimonio); 1,7-3,5% (ISGF above €3m) | Net global assets (residents) | Primary residence exempt up to €300.000; ISGF national floor from 2022 |
| Norway 🇳🇴 | Formuesskatt | NOK 1,7m (~€144.000) per person | 1,1% (0,3% municipal + 0,8% national) | Net global assets | Unlisted shares valued at 80% of book value; primary home 25% of market value |
| Switzerland 🇨🇭 | Vermögenssteuer (cantonal) | Varies by canton (~CHF 50-150k) | ~0,05-0,3% (canton-dependent) | Net wealth — all assets | Zurich ~0,3%; Zug ~0,1%; Geneva ~0,25%; annual cantonal levy |
| Netherlands 🇳🇱 | Box 3 (deemed return) | €57.000 exemption | 36% × 6,17% notional ≈ 2,2% effective | Investment assets (not primary home) | Reform to actual-return system planned 2027; 2021 Supreme Court ruling basis |
| France 🇫🇷 | IFI (real estate only) | €1,3m net real estate value | 0,5-1,5% | Net real estate assets only | ISF (general wealth tax) abolished 2018; IFI = real property only |
| Germany 🇩🇪 | None — abolished 1997 | — | — | — | Vermögensteuer suspended 1997 — legally exists but not collected |
| Belgium 🇧🇪 | None | — | — | — | No general wealth tax; 30% dividend/interest WHT covers investment income |
| Italy 🇮🇹 | IVIE + IVAFE (limited) | No threshold | 0,76% (IVIE) / 0,2% (IVAFE) | Foreign real estate + foreign financial assets only | Very limited scope — domestic assets not covered |
| UK 🇬🇧 | None | — | — | — | Council Tax on property is closest equivalent — not a wealth tax |
| Ireland 🇮🇪 | None | — | — | — | No wealth tax; capital gains and income taxes cover investment returns |
ⓘ Wealth taxes are rare and controversial in Europe — France abolishing ISF in 2018 was a landmark. The European trend since 1990 has been toward abolition (Germany, Sweden, Finland, Denmark, Austria all abolished). Spain and Norway are outliers maintaining broad-based wealth taxes. Switzerland's cantonal Vermögenssteuer is unique in being local rather than national.
Spain Wealth Tax Rates — Impuesto Patrimonio + ISGF 2026
National tax authorities
| Net Assets Above | Patrimonio Rate | ISGF Rate (if applicable) | Combined Top Rate |
|---|---|---|---|
| €700.000 | 0,2% | Not applicable below €3m | 0,2% |
| €1.340.000 | 0,3% | Not applicable | 0,3% |
| €2.513.000 | 0,5% | Not applicable | 0,5% |
| €3.000.000 | 0,9% | 1,7% | 2,6% combined |
| €5.347.000 | 1,3% | 2,1% | 3,4% combined |
| €10.695.000 | 1,7% | 3,5% | 3,5% cap (ISGF credit for Patrimonio paid) |
ⓘ Data from official sources — see individual country pages for full detail.
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Dutch Box 3 — wealth tax by another name
🔬 Methodology & Sources
Data Methodology
Data compiled from official tax authority publications, OECD Taxing Wages dataset, KPMG Tax Guide, and PwC Worldwide Tax Summaries. All rates current as of January 2026.
Formula
Varies by tax type — see individual data points
CitationOECD Taxing Wages 2025; KPMG Tax Rate Guide 2026; National tax authority publications.
❓ Frequently Asked Questions
Spain (Impuesto sobre el Patrimonio + ISGF from 2022), Norway (Formuesskatt), and Switzerland (cantonal Vermögenssteuer) have ongoing general wealth taxes. France abolished its ISF in 2018 but retained the IFI on real estate above €1,3m. Netherlands uses Box 3 — a deemed return tax on investment assets that functions as an implicit wealth tax. Germany suspended its Vermögensteuer in 1997 and it has not been collected since.
Spains Impuesto sobre el Patrimonio taxes net global assets of residents above €700.000 (primary residence exempt up to €300.000). Rates range from 0,2% (€700.001-€1.340.000) to 1,7% (above €10.695.000). From 2022, the national Impuesto de Solidaridad de las Grandes Fortunas (ISGF) applies additionally on assets above €3m at 1,7-3,5% — designed to prevent Madrid and Andalucía autonomy from zeroing out the regional patrimonio. Combined wealth taxes can reach 3,5% annually on the largest estates.
Norways formuesskatt taxes net wealth above NOK 1,7m (approximately €144.000) at 1,1% total (0,3% municipal + 0,8% national). Primary homes are valued at 25% of market value; unlisted company shares at 80% of book value. Norway is unusual among oil-rich nations in maintaining a wealth tax — it raises approximately NOK 18 billion annually and is strongly supported by left-of-centre governments. Conservative parties have repeatedly proposed its abolition.
Yes — Switzerlands Vermögenssteuer is a cantonal annual tax on net wealth. Rates and thresholds vary by canton. Zurich: approximately 0,3% above CHF 200.000 net wealth. Zug: approximately 0,1% — Switzerlands lowest. Geneva: approximately 0,25%. The wealth tax is deductible in calculating income tax base, partially offsetting the burden. Switzerlands cantonal wealth tax is the most geographically distributed wealth tax in Europe and has existed continuously for over a century.
France abolished the ISF (Impôt de Solidarité sur la Fortune) in 2018 under President Macron, replacing it with the IFI (Impôt sur la Fortune Immobilière) covering only real estate assets. The stated reasons: capital flight (high earners leaving France, particularly to Belgium), low revenue relative to economic distortion, and a desire to incentivise productive investment over wealth preservation. The ISF raised approximately €5 billion/year but was estimated to cost 2-3× that in lost investment, employment, and tax base through emigration. The reform remained controversial.
Sources & References
Data sourced from official institutional publications. Results are for informational purposes only. Last reviewed Jan 2026.
Data Disclaimer
Data sourced from official tax authorities. Individual circumstances vary — consult a tax adviser for specific situations.
Data sourced from official tax authorities. Individual circumstances vary — consult a tax adviser for specific situations.