H&M is not an example of that, it remains in Sweden, its real growth came later than what you are refering. In the 90s however its owner Stefan Persson threatened to move it due to proposed wealth taxes. The workaround was a using tax exception for stocks listed a certain way on public exchanges (O-listan). In the end the government adjusted the tax legislation and H&M stayed. https://www.affarsvarlden.se/bors-ekonominyheter/formogenhet...