Why Millionaires Are Leaving Denmark (Should You Too?)

Some of the richest people in Denmark have moved out of the country. Is this the start of a trend?
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TIMESTOP:
00:00 - The Billionaire Exodus
03:13 - The Economic Impact
04:27 - The Counter Argument
05:14 - The Expat Perspective

[@hemdrupdesign]

I did my startup abroad, as it makes almost no sense investing all the effort and take the risk in Denmark. I would like to see some of those benefits we pay for being made available to people taking risk starting companies. In Sweden they have a startup financial support model for "unemployed" who wants to take the risk starting a company instead of taking a regular job.

[@leonardomiodrag5204]

Interesting video Mario, I can see you have a link to Undo in the description (which I also love and use) but as a heads up - they are closing it by 30th June - so we all need to find another insurance soon :)

[@MarioScianHQ]

Thanks for the heads up! Yes, I need to update and find a new solution!

[@SultanSaadat]

If you really are trying to help people to achieve financial freedom, teach them about entrepreneurship and not just savings and getting obsessed with excels and tax ranges. I think an interesting topic would be how can people in Denmark quit their full time jobs and start a business/venture that can give them 3x-5x of their original compensation that they would earn in a corporate job. Talk about entrepreneurial ecosystem and the trends that the danish economy is following. I have been following you for a year, the theme on your videos follows the same pattern: bitch about the tax system, explain ways of saving taxes, side investing with the lowest tax ranges etc. I think the rhetoric needs to change now as you know so much about the danish economy, you should educate people about what I mentioned earlier. Just my two cents about the themes of your videos! Good luck!

[@maksymandrzejdrzyzgiewicz5096]

Agreed, it was a huge eye-roll when I got the notification.

[@MarioScianHQ]

Thanks for the feedback! I’ve a full free email course on building an online business, maybe I should turn some of these to videos here 😀

[@keren9322]

Recently I went through a series of medical examinations (it was, actually, a fast-track cancer patient pathway. Luckily, no issues were detected); After a quick referral (although this depends on GPs. I was lucky to have a capable GP, but there are useless GPs and the ratio of useless ones appears to be high in Denmark, I have to say), I had a tumour marker test, a CT scanning w/ contrast dye, abdominal ultrasonography and colonoscopy w/ monitored anaesthesia care, followed by the almost immediate or prompt result of each exam, entailing a couple of consultations with doctors, all within 4 weeks - and all free of charge. I appreciated the efficiency of the Danish medical system. I am becoming more positive about Denmark. I come from the UK, and I guess these diagnostic services may also be free or low-cost in the UK if directed by GPs (I simply don't know, as I had no health issues when I was there and younger). However, the process in the UK is likely to be much slower as NHS is suffering from a significant backlog.

[@MarioScianHQ]

That's a great story to hear and I'm glad you got a good GP!

[@dudvanea3812]

Hej Mario, thanks for all the informations. I watched all your videos. What do you think about buyng a property on Lolland? The bridge between Germany and Denmark will be in 2029 ready. Do you think the prices will rise there? Now is the cheapest Kommune. Thanks and good luck with the podcasts.

[@MarioScianHQ]

Interesting question, I bet there's going to be growth in the border areas as there will be more movement, more trade, etc. But how much more so than in other areas I don't know.

[@henriknielsen1662]

"Some of the richest people in Denmark have moved out of the country. Is this the start of a trend?" I hope so. Let us get rid of the criminals

[@MarioScianHQ]

They pay a lot of taxes though

[@user-dc4ff1ec3z]

Mario, where you from?

[@MarioScianHQ]

Argentina

[@siwtd6375]

Considering to leave. Any consultant helping expats in Denmark moving to Switzerland?

[@MarioScianHQ]

Good question! No idea yet

[@jakubsvoboda4175]

Hey Mario! Could you make a video about pension schemes? I think given the expat focus of this channel it would be nice to get to know more about the 53A scheme so that people can avoid getting robbed by the 60%-ish exit tax! Thanks!

[@MarioScianHQ]

Video on pensions coming next week, but high level

[@alexandragen888]

In my opinion good for people who don’t want to excel their lives . They just enjoy the tax benefits. I’ve never seen anybody does their their job willingly to make something super good . They prioritise work life balance and they live far behind compared to even Asia . Doctor lawyer or and engineer no matter how professional you are . They crazily deduct tax + when you do grocery shopping +25% . If someone study well and achieve their professional goals . Of course we expect to live better life. Here there is none . It is good country indeed but the policies must be change . We feel it because we travel a lot all over the world. Lastly people are really nice but must emphasise they are not happy they are content with what they have . Many receive tax benefits so you don’t have to worry.

[@renevw5812]

And if you do something for the community, do you get tax discounts? or are there other tax discounts? Or invest in real estate or art, gold. Or borrow money instead of having a lot. It is how to influence the EBITDA.

[@MarioScianHQ]

I made videos on tax discounts, but there are only few options

[@JorgeRamirez-hz4vs]

Thinking to move out of "lovely DK". Have my company here but the taxes are the killers, I see and saw my hard work going to pay the luxury life of the queen and king (just kidding) and is not worth. When you work hard you want a better life and not a "so called hygge life" because you work for that and your ass is burning with all the hours you put and effort to grow something. And the nice SKAT comes happily smiling and take your money without even knowing you hard work, No way Im staying here

[@missNCW]

Is it better to buy Danish stocks on the NYSE or Danish stock market?

[@MarioScianHQ]

If you buy in the local stock market you don’t need to worry about foreign exchange conversions, etc.

[@mlbonfox8199]

Holy shit…. I’d move out

[@MarioScianHQ]

haha

[@conqyt834]

can u make a video for buying a house in 2024

[@MarioScianHQ]

Working on it

[@bery2300]

Healthcare is terrible here, usually they give panodil so same school like in England (paracetamol). I was 4 times to doctor to get finally MR of my knee. They’re google masters xd. I am 25 and I’ll pay here this 55% of the tax. My advice is to buying houses to get fradrag higher so less money stolen by this system. Good like foreigners 🤗

[@MarioScianHQ]

thanks for sharing !

[@venlafaxinedomperidone8377]

I can never live in a country like Denmark or Europe in general. I earn good and I can expect no benefits as a single man , yet all my salary would be taken to feed the young, women, poor and the laziest. It’s an absolute no for me. I would be happy in a country like US or Dubai instead.

[@MarioScianHQ]

Pros and cons

[@venlafaxinedomperidone8377]

@@MarioScianHQ Only cons for high earning man . No pros

[@Knightonagreyhorse]

The tax levels are crazy. I sympathize with an progressive income tax but not investments that are not realized. It makes the super rich flee for good reasons.

[@MarioScianHQ]

Agree on unrealized gains

[@cesaralvarezdelineraparede6092]

I think all countries and societies have a limit or a threshold beyond which more taxes harms more than anything else. I would say Denmark’s history and culture together with its generally well managed public budget and services may have pushed or raised that threshold more so than in other countries (meaning that so far it has worked -beyond the what is morally better or worse debate). Having said this, I agree that nowadays global mobility and deslocation of jobs is easier than ever and the country should adapt to be able to compete with others in attracting and retaining wealth generators. Great video

[@peternielsen2156]

I think you should tell how much your annual salary is, as well as how much you pay in tax on this! otherwise it's just a song of greed you sit and sing. At the same time, the richest are those who are at the front of the queue to receive from socially paid benefits. And you also forget to mention that the greedy who don't want to pay tax on what they earn in Denmark, and therefore move to low tax countries, they move back to Denmark when they get old, to receive social benefits "FREE" "They just don't want to help pay for the benefits themselves. So feel free to move back to your home country!

[@MarioScianHQ]

Disagree

[@doooooode]

Literally no one is talking about this. If you don't like it here, pack your shit and leave. Also "keeping all my money" = just move to the US? We are a wealthy society because everyone has access to education, healthcare and help. We don't want the society you are looking for. And if you do - well again, just MOVE ALREADY.

[@hamza9540]

A lot is talking about this, but only those interested in the topic talk about it. Danish millionaries and billionaries are known for leaving Denmark, and having huge penthouses and Villas in California and Miami and you name it... Only thing they leave in Denmark is huge mansions they come back to for holiday.

[@bery2300]

I see that everyday here, most after this education don’t know how to use screw driver in Denmark 😂

[@MarioScianHQ]

I think a lot of people in my circle talk about it, I saw many leave