Work out wealth tax based on what your assets actually consist of — primary residence, secondary residence, bank deposits, shares and debt are valued differently, not as one combined sum.
Wealth tax isn't calculated on your gross wealth directly. Each asset type has its own valuation discount — how large a share of the market value actually counts:
A primary residence is valued at 25 % of market value up to 10 million kr, and 70 % of the value above this. Secondary residences, bank deposits and cash are valued at full value (100 %). Shares and funds are valued at 80 % of value (a 20 % discount).
Debt isn't deducted in full from the total — it's allocated proportionally across your asset types based on gross value, and discounted at the same rate as the asset type it's allocated to. Debt that in practice finances shares therefore only gives a deduction of 80 % of that amount, not 100 %.
Yes, but your primary residence is valued at only 25 % of market value up to 10 million kr (70 % of the value above this), compared to 100 % for a secondary residence. This significantly reduces the taxable value compared to other asset types.
Norway has introduced an extra rate for very large fortunes above a high threshold (21.5 million kr), in addition to the base rate that applies from the tax-free allowance.
Debt is allocated proportionally across your asset types based on gross value, and gets the same discount as the asset type it's allocated to. If you've, say, borrowed money to invest in shares (valued at 80 %), that portion of the debt only gives an 80 % deduction — not a full deduction as many assume.