We compare how ageing, assortative mating, an increasing share of students, a shift towards more single and childless couple households, and immigrant inflows have influenced inequality in the Nordics from 1995 to 2013 by re-weighing subgroups of the population by their population shares in 1995 to construct counterfactual income distributions. We find that these factors combined have increased disposable income inequality in all the Nordic countries, but to a different extent and through different mechanisms. The strength and direction of demographic change, within- and between-group inequality and the responsiveness of redistribution all play a role.