Wealth Tax in North Korea

North Korea does not impose a wealth tax, net worth tax, or any annual tax on total assets. Private wealth accumulation is limited in the state-controlled economy, and there is no formal wealth tax framework.

No Wealth Tax

There is no wealth tax in North Korea. Individuals are not required to pay any annual tax based on their net worth. The following are not subject to wealth tax:

• Cash and bank deposits
• Stocks, bonds, and other securities
• Real estate holdings (state-owned land with use rights)
• Business interests
• Personal property

Real Estate Holdings

While there is no wealth tax on real estate, property owners do pay a nominal annual property tax:

• Annual Property Tax: Approximately 0.1% of assessed value for residential property

Income vs. Wealth Taxation

North Korea's tax system focuses on income rather than wealth. There is no reporting of worldwide assets required for individuals, and no tax on unrealized gains.

Comparison with Other Countries

The absence of wealth tax in North Korea is consistent with its state-controlled economic model where private wealth accumulation is limited:

• No annual reporting of worldwide assets
• No tax on unrealized gains or appreciation
• Simple compliance framework

Succession and Gifts

As noted in the inheritance tax guide, there are no wealth transfer taxes in North Korea. Wealth can be transferred to heirs with minimal tax implications.