Martin Lorentzon, who co-founded Spotify with Daniel Ek in 2006, says he would leave Sweden if the country introduces a new tax on large fortunes.
That is according to Bloomberg, which reported the Stockholm-based billionaire’s comments on September 5.
Sweden votes in a general election on Sunday (September 13), with taxation of the country’s wealthiest one of the campaign’s live issues.
“Yes, absolutely,” Lorentzon said in emailed comments to Bloomberg when asked whether he would consider moving. “I would prefer to stay, but such a tax would mean I have to leave immediately.”
According to the report, Lorentzon called on politicians to look at higher taxes on capital or dividends instead.
“It benefits no one if entrepreneurs and job creators have to sell parts of their companies to pay tax,” said Lorentzon.
“It would mean fewer companies, fewer innovations, less investment in areas such as environmental and climate technology, fewer taxpayers and fewer shared resources for welfare.
“The tax is directly counterproductive.”
“It would mean fewer companies, fewer innovations, less investment in areas such as environmental and climate technology, fewer taxpayers and fewer shared resources for welfare.”
Martin Lorentzon, Spotify (via Bloomberg)
The comments came alongside an opinion piece Lorentzon wrote for Swedish newspaper Expressen, published the same day, in which he set out his support for progressive taxation – but his opposition to an annual levy on wealth.
Lorentzon’s argument is that large fortunes tend to be held as shares in companies rather than as cash, which would leave founders selling down their own businesses to settle a tax bill.
He returned to the subject two days later in written comments to Swedish business daily Dagens Industri, reported by news agency TT on September 7.
“Today, entrepreneurs and business builders are coming here because we have a unique climate for investment, creativity and expertise,” Lorentzon wrote, in comments translated from Swedish.
“A wealth tax that is being discussed in the election campaign would drive people and investment away from here.”
Sweden’s Left Party is campaigning for a tax on billionaires, while the Green Party has put forward a separate levy on the wealthiest.
Both sit inside the four-party opposition bloc led by the Social Democrats, which is polling ahead of Prime Minister Ulf Kristersson’s three-party government and the Sweden Democrats, who support it in parliament.
The size of that lead is contested. In a poll published on September 7, Novus put the opposition 2.4 points clear, a gap the firm says sits within its margin of error.
A poll published the same day by Ipsos for Swedish daily Dagens Nyheter had the opposition 7.8 points ahead.
The Bloomberg Billionaires Index puts Lorentzon’s fortune at more than USD $11 billion.
A large portion of that fortune has been moving out of Spotify stock and into cash for some time.
Lorentzon sold USD $665.9 million of Spotify shares across two transactions in May 2025, taking his cash-outs across 2024 and 2025 past USD $1.2 billion at that point, according to MBW’s analysis of SEC filings.
The larger of those sales ran through Rosello Company Ltd, a Cyprus-registered holding company owned by Almatea, a Luxembourg-based firm whose sole shareholder is Lorentzon.
Daniel Ek formally handed over the chief executive role at Spotify at the start of this year, taking the title of Executive Chairman as Gustav Söderström and Alex Norström became co-CEOs.
In his memo to staff announcing that move, Ek wrote that he wanted to help build more European “supercompanies” – a theme MBW examined at the time, alongside the argument among European business leaders that the region is losing ground to the US and China.
Lorentzon’s comments concern his own tax residency rather than Spotify’s corporate base.
Sweden abolished its own, broader-based wealth tax as of January 1, 2007.Music Business Worldwide
Martin Lorentzon, co-founder of Spotify, has expressed his intention to leave Sweden if the country introduces a new tax targeting large fortunes. His comments were reported by Bloomberg on September 5, 2023, in the context of Sweden’s upcoming general election on September 13, where taxation on the wealthy is a significant topic of debate. Lorentzon stated, « Yes, absolutely, » when asked if he would consider relocating due to such a tax. While he prefers to remain in Sweden, he believes that the implementation of a wealth tax would compel him to leave immediately.
Lorentzon argues against a wealth tax, advocating instead for higher taxes on capital and dividends. He believes that taxing wealth is detrimental, as it forces entrepreneurs and job creators to liquidate portions of their businesses to meet tax obligations. He highlighted that this could lead to fewer companies and innovations, less investment in critical areas like environmental technology, and ultimately, fewer taxpayers contributing to public welfare. In his opinion, a wealth tax is counterproductive to the very economic growth that Sweden seeks to foster.
In an opinion piece for the Swedish newspaper Expressen, Lorentzon elaborated on his support for progressive taxation, clarifying his opposition to an annual wealth levy. He pointed out that substantial fortunes are typically tied up in company shares rather than liquid cash, making it challenging for business founders to pay taxes without divesting from their own businesses.
Two days later, Lorentzon reiterated his concerns in comments to Dagens Industri, emphasizing that Sweden’s current environment is attractive to entrepreneurs due to its unique climate for investment and innovation. He warned that a proposed wealth tax could drive both people and investment away from Sweden, undermining the success of its economy.
The political backdrop to Lorentzon’s comments includes proposals from Sweden’s Left Party and Green Party for a tax on billionaires and the wealthiest citizens. These parties are part of the opposition bloc that is currently leading in polls against Prime Minister Ulf Kristersson’s three-party coalition government, which includes the Sweden Democrats.
Lorentzon’s wealth is estimated at over USD $11 billion, as reported by the Bloomberg Billionaires Index. Notably, he has been converting a significant portion of his Spotify stock into cash, having sold over USD $665 million of Spotify shares in May 2025, which contributed to total cash-outs exceeding USD $1.2 billion over the preceding two years. This financial maneuvering is also relevant to his concerns about wealth taxation, as it reflects a strategic shift from equity investments to cash.
As the political landscape unfolds in Sweden, Lorentzon’s comments underscore the tensions between taxation policy and the business environment, particularly regarding how proposed changes might impact entrepreneurs and the broader economy. His warnings suggest that the introduction of a wealth tax could not only affect individual business leaders but also have far-reaching implications for Sweden’s innovation and investment climate.
In summary, Lorentzon’s statements reflect the apprehension among high-net-worth individuals regarding potential taxation reforms in Sweden. His advocacy for alternatives to wealth taxation highlights the ongoing debate over how best to balance fiscal responsibility with the need to nurture entrepreneurship and economic growth.
