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This sounded very interesting, so I looked it up. It seems that Sweden during that time seems to have had a 30-70% inheritance tax, depending on the year. That accounts for a loss of 70% of wealth pretty neatly.

https://iea.org.uk/blog/how-high-tax-sweden-abolished-its-di...

Please correct me if I missed something in my haste



The study’s data span multiple inheritance-tax regimes. The results are robust beyond the (since expired) tax.




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