Swiss voters rejected a proposal for a 50% inheritance tax on the super-rich, easing fears of an exodus of wealthy residents. Government data on Sunday showed that 78.3% of the electorate opposed the plan. No canton supported the measure, and turnout reached 43%.
Finance Minister Karin Keller-Sutter said voters turned down a risky experiment. She argued the tax would hurt Switzerland’s appeal and damage its balanced fiscal system.
The Young Socialists introduced the idea to raise funds for climate action. Their proposal targeted assets above 50 million francs. Around 2,500 people—only 0.03% of the population—would have paid the tax.
Government leaders and most political parties resisted the plan. They warned that the levy could push rich residents away and reduce tax revenue. Business leaders also raised alarms. Stadler Rail shareholder Peter Spuhler even said he would leave Switzerland if the tax passed.
Switzerland already imposes wealth taxes and hosts one of the world’s highest billionaire densities. Many cantons also offer special tax arrangements for foreign millionaires. Local officials told Keller-Sutter that rich residents were considering relocation during the debate.
Voters also rejected a minimum wage measure in Fribourg. About 53.5% opposed setting pay at 23 francs per hour.
