Switzerland has long been a haven for the ultra rich. Its 300 wealthiest residents are worth a combined 850 billion Swiss Francs, or just over $1 trillion, according to business magazine Bilanz. But on Sunday, voters will go to the polls to vote on an inheritance tax that has riled them up.
The proposal to tax every inheritance and gift of more than 50 million Swiss Francs at 50% is likely to be defeated. A recent poll put support at just 30%.
But close followers of the debate told CNBC the initiative has shaken wealthy individuals and family-owned companies since it was proposed in 2024. Swiss billionaire Peter Spuhler, founder and owner of Stadler Rail, has threatened to leave the country if the tax becomes law. He told told Swiss daily Tagesanzeiger that his family would struggle to pay such a tax as their wealth is tied up in companies.