Tax results: more rich people, lower earnings

While the recession was beginning to be felt in Finland already last year, 2008 was still a good one for those with the highest incomes.
      As stormy as 2008 was, the number of rich people increased in Finland, even though their average earnings declined from the 2007 level.
     
The top income-earners last year were the familiar faces from the Keilaniemi area in Espoo: the top executives of Nokia, Kone, and Fortum.
      Jorma Ollila, the chairman of the boards of Nokia and Shell, was the top earner, with EUR 7.8 million in reported income.
      Nokia’s current President and CEO Olli-Pekka Kallasvuo, former Fortum CEO Mikael Lilius and Kone CEO Matti Alahuhta all earned more than EUR 4 million.
      Ollila says that the reason that he came out ahead of the others stems from the stock options that he received while he was Nokia CEO. His options will continue to mature for another two years.
     
The recession was felt by Finland’s rich as well. Although their numbers increased, their average income went down.
      The average Finnish rich person earned EUR 255 last year. In 2007 the figure was EUR 271,000.
      The tax year 2008 had few surprises. Money went into largely the same pockets as before. Fewer women - just two - were among the top 100 income earners last year.
      Topping the list in capital gains income was the Hartwall family, which owns a massive beverage company in Finland. Last year, members of the family sold holdings they had in the brewing giant Scottish and Newcastle to Carlsberg and Heineken.
     
Two poker players were so successful at their craft as to reach the top 100. Perhaps more surprising than their success at playing cards is the fact that the two young men still live in Finland and pay their taxes here.

More on this subject:
 Ex-PM, present energy consultant Paavo Lipponen earned EUR 220,000 in 2008

Previously in HS International Edition:
  Economic rise also benefited middle-income Finland (2.11.2008)
  Fortum executives top earnings lists for 2006 (1.11.2007)
  Tax statistics show surge in capital gains income last year (4.11.2009)