Norwegian billionaire and businessman Stein Erik Hagen has announced that his family company, Canica AS, is making record-breaking donations of NOK 14 million (€1.2 million) to Norway’s center-right and conservative parties ahead of the general election on September 8.
The donations reflect Hagen’s desire to see a shift in the nation’s leadership toward a government prioritizing business growth and private ownership.
Hagen revealed the right-wing Progress Party (Frp) would receive NOK 7 million (€588,000); the center-right Conservative Party (Høyre) would be allocated NOK 5 million (€420,000), while the socially conservative Christian People’s Party (KrF) and Liberal Party (Venstre) would each be awarded NOK 1 million (€84,000).
“This is the largest amount our family has given in election campaign support,” Hagen stated.
The businessman did not hold back his criticism of Prime Minister Jonas Gahr Støre and Finance Minister Trygve Slagsvold Vedum. He referenced a poll indicating that only 3 percent of business leaders support Støre remaining as prime minister, with 0 percent favoring Vedum.
“I don’t think it’s very surprising when you see what these two have accomplished in government,” Hagen told VG. “When you look at that poll and the recent party polls, it is not only business leaders but the entire Norwegian people who want these two gentlemen where the pepper grows (ed. where the sun doesn’t shine).”
Hagen justified his donations as a move to encourage policies that align with his vision for Norway. “We want to contribute to the country getting a conservative government that will set a different course for our country: a government that will work to strengthen business, value creation, and private Norwegian ownership,” he said.
“We want a government that will bring the nation together, rebuild our Christian value base, and strengthen the integrity and freedom of the individual,” he added.
Hagen further outlined his aspirations for a government that would “reduce healthcare queues, strengthen care for the elderly, and get more people into working life.”
The Norwegian billionaire also criticized Norway’s wealth tax, arguing it disproportionately burdens Norwegian-owned businesses and owners. “The wealth tax weakens business owners’ opportunities to expand and create new jobs,” he explained. “In many cases, companies end up paying the wealth tax because they have to distribute larger dividends for owners to cover the tax.”
The wealth tax in Norway is a levy on a Norwegian national’s global assets, whether located or registered inside or outside of the country with some exceptions.
He added that such policies contribute to Norwegian companies being sold abroad or shut down. “When most countries have little or no wealth tax, the losers are Norwegian owners living in Norway,” Hagen stated.
Financial contributions to political parties have historically favored the left with the Labour Party (Ap) receiving significant support from LO, Norway’s largest trade union. From 2019 to 2023, Ap donors gave NOK 136.6 million (€11.5 million), compared to NOK 66.1 million (€5.6 million) for Høyre, with Canica as the largest single contributor.
Hagen called on supporters of conservative politics to contribute: “When you look at how much the socialist parties receive in financial and other support from LO, I encourage everyone who wants a center-right government to contribute to the best of their ability.”
Hagen accused the current red-green coalition of fostering political and economic instability. He pointed to what he described as a “weak krone exchange rate” and high interest rates as symptoms of poor governance.
“There is little doubt that the economic policy being pursued, unpredictability with taxes arriving overnight, has caused foreigners to sell out of [the Oslo Stock Exchange] and the krone,” Hagen argued. “And I’m quite clear that the interest rate is a result of the same thing — that they spend far too much money.”
Despite relocating much of his fortune to Switzerland, Hagen emphasized his loyalty to Norway. “We have companies here, which create profits and jobs. I am a Norwegian citizen, born and raised here, and I am happy in my country,” he said. “I oppose the wealth tax not for my own finances — I have little wealth in Norway — but for the companies we own, in which we want to invest more.”
Norway, InFact poll:
FrP~ECR: 24% (-2)
H-EPP: 21% (+2)
Ap-S&D: 21% (+3)
SV~LEFT: 8% (-2)
Sp~RE: 7%
R~LEFT: 6% (+1)
V-RE: 5%
KrF-EPP: 3% (-1)
MDG-G/EFA: 3% (-1)
+/- vs. 3 December 2024
Fieldwork: 6 January 2025
Sample size: 1,140
➤ https://t.co/Df7Nsbqbrl pic.twitter.com/WxCsmBJzLy
— Europe Elects (@EuropeElects) January 7, 2025Norwegians head to the polls for parliamentary elections on Sept. 8 with the Progress Party (Frp) currently polling in first place on 24 percent. With Høyre also at 21 percent, and Venstre and KrF at 4.5 percent and 3.2 percent respectively, the financial injection to solidify their positions could see a center-right coalition government come to fruition.
