For or against a wealth tax? - The Swiss vote in a referendum on Sunday. The proposal is expected to fail
Switzerland will vote on Sunday on whether to impose a wealth tax. The proposal from the left-wing Social Democrats' youth wing, or JUSO, is to impose a 50% tax on inherited assets of 50 million Swiss francs ($62 million) or more to fund projects to reduce the impact of climate change.
About 2,500 taxpayers in Switzerland have assets worth more than 50 million francs, according to tax authorities, with a total wealth of around 500 billion francs. With up to two-thirds of respondents opposed to the proposed tax in recent polls, the measure is widely expected to fail, turning attention to the level of support.
Switzerland is the world's largest center for wealth management, but it could lose its crown this year, according to a forecast from the Boston Consulting Group. The country is home to some of the most expensive cities on the planet, and anxiety about the cost of living has gained traction in local politics.
In 2024, Switzerland voted to introduce an additional month of pension payments for the elderly, as concerns about the cost of living outweighed warnings about its affordability. If approved, the wealth tax initiative would theoretically increase tax collections by 4 billion francs.
Critics of the initiative say it could cause an exodus of wealthy people from Switzerland, reducing overall tax revenues. The Swiss government has urged voters to reject it.
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