Swiss reject tax on super-rich - 2,500 taxpayers in the country have assets worth over 50 million francs
Switzerland on Sunday overwhelmingly rejected a proposed 50% tax on inherited wealth of 50 million Swiss francs ($62 million) or more, with 78% of voters against the plan, a result that even surpassed the two-thirds opposition shown in polls.
Switzerland is home to some of the most expensive cities in the world, and anxiety about the cost of living has gained traction in local politics.
The proposal from the left-wing Social Democrats' youth wing, or JUSO, aimed to fund projects to reduce the impact of climate change. "The super-rich inherit billions, we inherit crises," they argued.
Critics of the initiative said it could cause an exodus of wealthy people from Switzerland, reducing overall tax revenues. The Swiss government urged voters to reject it.
In the wake of the referendum, a prominent Swiss billionaire called for higher taxation of the wealthy. Alfred Gantner, co-founder of private equity firm Partners Group, said the growing concentration of wealth was a global problem.
"It's not possible for some people in this country to have huge assets and others not to know how they're going to pay their health insurance and rent," Gantner was quoted as saying. According to him, if nothing is done to address the problem, then "the Elon Musks, the Mark Zuckerbergs, etc. are going to accumulate a lot more money in the next 20 years."
Switzerland is one of the world's leading wealth management centers, and around 2,500 taxpayers in the country have assets worth more than 50 million francs, according to Swiss tax authorities.
Gantner, who is pushing for Switzerland to reject a deal that would deepen its economic ties with the European Union, appears at number 1,045 on Forbes' 2025 billionaires list with an estimated net worth of $3.5 billion.
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