Spotify co-founder Martin Laurentsson threatens to leave Sweden over possible wealth tax

Swedish entrepreneur and co-founder of audio streaming service Spotify Martin Laurentsson told Bloomberg that he would immediately leave Sweden if the country introduces a new wealth tax.

According to the agency, his words came against the backdrop of the election campaign, during which the country's Left Party proposes introducing additional fees for billionaires. The current Swedish government opposes the introduction of a wealth tax, the agency recalls.

“Yes, absolutely. I would prefer to stay, but such a tax would mean that I would have to leave immediately,” the agency quotes Laurentson’s response to a question about a possible move.

The entrepreneur called on politicians to consider raising taxes on capital or dividends instead of a wealth tax. He also stressed that employers would have to sell parts of their companies to pay the tax, which would lead to fewer companies, fewer innovations and investments, fewer taxpayers and fewer resources for social needs. Laurentson pointed out that discussions about new taxes have already taken their toll by creating uncertainty.

“This tax is counterproductive,” the agency quotes the businessman.

As Bloomberg clarifies, Laurentson's fortune is estimated at more than $11 billion.