Voima Weekly #34 – When people move, capital follows

Illustration: AI-generated, pop art–style artwork inspired by the life of Igor Sikorsky. The image is not based on an original photograph and does not contain an authentic quote, but is an artistic interpretation of his move to the United States and his contribution to the development of the helicopter industry.

People have never stayed in place when the system around them becomes too heavy to bear — they move. And when people move, capital follows.

In the late 19th and early 20th centuries, a massive wave of migration flowed from Europe to the United States. It was not a single event, but a series of waves: the first already in the 1840s–1860s, for example driven by the Irish famine¹,and a much larger and more significant one between 1880 and 1920, when over 30 million Europeans left their homes in search of a new world.

Europe was not a stable whole. Industrialization disrupted traditional livelihoods. Cities filled with people, but there was not enough work for everyone. Wages were low, and uncertainty was part of everyday life. Political ideologies emerged as responses to these conditions, but beneath it all lay one core issue: money - purchasing power.

In the end, the question was simple. Where could your work provide a better life? Where did your wages go far enough? Where was the future open? America offered that answer.

Hundreds of thousands of Finns left during this period—an estimated 300,000 to 400,000 people, roughly around ten percent of the entire population. It is a scale that is difficult to grasp from today’s perspective, but it reveals something essential: when conditions tighten enough, leaving becomes increasingly common.

The Finns did not bring significant capital or established networks with them—only their work. In many cases, they quite literally helped build the America that later became the world’s economic center. Their names were rarely recorded in history, but their imprint remained in the structures they helped create².

This is not just history, but a phenomenon that has been gaining momentum for some time. This time, it is not primarily labor that is on the move, but capital and expertise. Put bluntly, one could say that Finland exports those who build wealth, and attracts those drawn by the benefits offered by the system.

I have worked with high-net-worth individuals for nearly twenty years, and in recent years one trend has become increasingly clear: people are moving. The direction is often the same. Estonia, Monaco, the UAE, Switzerland, and Luxembourg come up repeatedly in conversations. This is no longer about isolated cases, but a broader phenomenon that is openly discussed and increasingly acted upon.

At the core is the overall tax burden. Not just income tax, but also capital and inheritance taxation. When the combined weight becomes high enough, it starts to influence decisions. Around that, other factors come into play: quality of life, climate, safety, labor market flexibility, the general atmosphere, and how entrepreneurship and wealth creation are perceived.

One aspect is often overlooked. When a family moves, the next generation moves with it. Children grow up in a new environment and rarely return. They do not inherit only wealth, but also knowledge, networks, and a culture of how value is created and built. The question is not whether this is happening. The question is how large the phenomenon will become.

This is already visible in where people and capital are heading. In the United States, Texas and Florida are attracting both with a combination of lighter taxation and a more predictable operating environment. At the same time, traditional centers such as New York, California, and Washington, D.C. are losing population³.

In Europe, a similar role has long been played by Switzerland and Luxembourg, where stability and competitive taxation go hand in hand. Closer to home, Estonia has emerged as an alternative, attracting tens of thousands of Finns and already hosting thousands of Finnish-owned companies.

Value creation is no longer tied to geography, but to where it is treated best. History has seen this before. A careful observer will also notice a pattern. While Texas and Florida are more conservative and characterized by lighter taxation, New York and Washington, D.C. represent more liberal, higher-tax environments. In the end, ideologies give way to outcomes. Capital does not stay where it is taxed the most.

This is not a new phenomenon. History has seen this before. The Kingdom of Israel divided around the 10th century BC, when Rehoboam chose to increase the burden on a people already strained under Solomon. It was not only about money, but about time and labor. People carried the weight in both their production and their daily lives. When the burden became too great, the people did not ask for much - only relief. When it was denied, the kingdom split⁴. This is a dynamic that repeats itself whenever a system loses its balance.

The public apparatus has grown heavy, taxation has increased, and efficiency has in many places declined. The outcome is not ideological, but practical. Those who have the option to move, do so. In the end, those who remain are often those without the same choice.

At this point, the decision is no longer theoretical, but personal. I have also found myself asking whether paying taxes here at this level is still a responsible act, or whether we are financing a system that no longer serves its original purpose. For now, I have chosen to continue building here; not because the direction is perfect, but because I still believe it can be corrected.

In the end, this is not only about money. It is about the bigger picture: how a society treats work, responsibility, and the creation of value - and the direction it is taking. It is difficult to watch from the sidelines as the meaning of work erodes, responsibility shifts away from the individual, and public funds are used in ways that do not build a sustainable future.

But responsibility cannot be outsourced. The work must be done well, and accountability must be carried. The direction does not have to be accepted as it is - it can, and should, be changed, here or, if necessary, elsewhere.

That requires people who act. People who move forward, even when the path is not yet fully clear.

Direction does not change on its own. It changes when you decide to build.

P.S. It is wise to have options in your wealth before you need them. Voima Account is built with this in mind. It is not just a storage solution, but a practical tool: the ability to redeem, transfer, exchange, or hold wealth in physical form when needed. An option means a right without obligation. You may never use it, but lacking it can prove costly. In this environment, it is no longer about optimization, but about preparedness.

– Marko Viinikka
Founder, CEO
Voima Gold Oy

Both kingdoms later disappeared from the map of history: the northern kingdom fell to Assyria in the 8th century BC (2 Kings 17), and Judah to Babylon in the 6th century BC (2 Kings 25). The Jewish people endured, but an independent state did not reappear until the establishment of the State of Israel in 1948.

It is also worth noting that in modern usage, “Israel” often refers to Judah and the Jewish people, whereas historically Israel referred to a broader entity: the twelve tribes descended from Jacob’s sons, forming the full nation of Israel. As a historical curiosity, the prophetic literature of the Bible anticipates the reunification of these tribes: “I will take the Israelites out of the nations… and make them one nation” (Ezekiel 37:21–22; see also Jeremiah 31:10).

Disclaimer: Voima Weeklies are the personal writings of the undersigned. They do not necessarily represent the official view of Voima Gold Oy or any other company, nor do they constitute investment advice or a recommendation to purchase securities.