Over the last few decades, both the population and wealth of Sweden’s upper class has seen immense growth. According to Swedish publications Veckans Affärer and Aftonbladet, the number of Swedish citizens worth at least 1 billion kronor — the national currency — grew from 28 in 1996 to 542 in 2021. At the time, that group’s wealth equaled roughly 70% of the entire nation’s gross domestic product (via BBC). While this trend is partially thanks to the fact that the Swedish krona is one of the currencies catching up to the U.S. dollar, it’s worth noting that the krona is equivalent to around 11 U.S. cents in 2026. So, while the increasing number of those with billionaire status in Sweden is certainly an indicator of the country’s shifting economic tides, the numbers more closely align with with net worths of over roughly $108 million by U.S. standards.
Accounting for the exchange rate, Forbes reports that there are still 51 Swedish people with net worths exceeding $1 billion as of March 2026. That may sound like a tiny sliver of the population given that Sweden is made up of over 10.6 million people. However, Forbes also reports there are only 989 American billionaires, despite the fact that the U.S. has a population of over 342 million people. Proportionally, that means Sweden’s billionaire concentration is nearly double that of the U.S.
Sweden’s economy and culture help breed billionaires
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It may seem surprising that there’s such a large population of rich people in Sweden, as its cost of living is generally higher than much of Europe, and Scandinavia, in particular, is one of the most expensive European regions to visit. However, Sweden has many policies in place that greatly benefit the ultrarich. Most notably, Sweden eradicated its wealth and inheritance taxes in the early 2000s. Plus the country eliminated its national property taxes in favor of low municipal fees — making it significantly easier to hold high-value property in the country.
While Sweden’s average local tax rate is around 32%, the corporate tax rate and the tax rate on property sales are lower. In fact, the country has been lowering its corporate tax rate for almost two decades — with a rate of just 20.6% in 2026. Considering many billionaires likely bring in their wealth through sources other than traditional income, it’s safe to assume that members of Sweden’s elite likely face a lesser tax burden than much of the rest of the country.
Meanwhile, dozens of billion-dollar companies — including Spotify, Klarna, and Ikea — call Sweden home, and the country is a major player in the global trade of natural resources, not to mention the medical and fashion industries. Perhaps surprisingly to many Americans, Swedish culture heavily prioritizes a strong work-life balance, which means its residents have plenty of time to embrace many of the habits exhibited by the world’s wealthiest people.
