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Most of Scandinavia is rife with old money. It's just that new entrants aren't allowed to build wealth.

https://www.euronews.com/business/2024/04/01/wealth-inequali...

This article seems to argue that the cause of the inequality is the lack of taxes

An exit tax in itself does nothing to prevent hoarding of wealth. It might enable you to deploy other taxes that would make rational people leave the country, but it's a bit of a "lock the doors and rob people" strategy.

If you have good advisors as a wealthy person you know this and leave as soon as an exit tax is on the table. If you start new businesses you start them outside of the country

If you're a regular non-wealthy person who happens to become successful you're stuck paying high taxes of course, but you'll probably learn and structure your next venture better.

Most businesses are not as portable as a tech startup.

Ownership is though.

>However it also prevents hoarding wealth

Hoarding wealth isn't a problem if no wealth creation happens in the first place.