Forbes counts 50 billionaires in Sweden, a country of 10.6 million. That’s 4.7 billionaires per million inhabitants—almost double the rate in the United States (2.7). This statistic is in some tension with the country’s “normalizing force” of Jantelagen, the Scandinavian cultural code that discourages outward displays of personal success.
With the global rise of the super-rich (and the merely wealthy), has Jantelagen fallen by the wayside? In The Conversation, two Swedish academics say, sort of. Norms are changing, but there’s texture in what persists. Open striving is perhaps more acceptable, but some skepticism of the ultra-rich remains. More below the fold.
Håkan Johansson (Lund U., Sch. Soc. Work) & Axel Vikström (Lund U., Dept. Comm.), How “Egalitarian” Sweden Became More Comfortable with Wealth, The Conversation (Sept. 8, 2026):
While for a long time Sweden was a country with some of the world’s highest taxes, this no longer applies to capital taxation. For instance, it no longer has a wealth tax, an inheritance tax or a property tax [with some exceptions]. . . .
[W]e found Swedish tabloids and business magazines show a remarkable rise in reporting about billionaires. This includes a fascination with their personal lives and framing them in positive terms such as “entrepreneurs”, “investors” and “philanthropists” (rather than “capitalists”, for example). . . .
Striving to get rich seems to have become more socially acceptable in Sweden. Perhaps it always has been the way, but Swedes just never spoke about it (at least not in public). Actually being rich remains a contested topic. If Jantelagen still exerts any influence, it seems to be centred on shaping attitudes towards the wealthy themselves—rather than as a force to discourage the pursuit of wealth.
Related TaxProf Blog coverage:
- Ring, Seim, and Zucman: Personal Holding Companies, Tax Progressivity, and Inequality (July 28, 2026)
- Rauh & Jaros: It Failed in France. It Would Be a Disaster in California. (July 8, 2026)
- Saez & Zucman: The Case for California’s Billionaire Wealth Tax (May 27, 2026)
- WSJ: When One Man Tried to Organize a Pro-Billionaire Rally (Feb. 10, 2026)
- California’s Wealth Tax and Billionaire Psychology (Feb. 3, 2026)
