Would Inheritance Taxes Trigger A Mass Exodus Of Millionaires From Switzerland?

(MENAFN- Swissinfo) After Swiss voters rejected a proposal to introduce a 50% tax on inheritances over CHF50 million, Swissinfo readers began debating whether taxing the wealthy drives them abroad, with some even claiming this is already happening in countries such as Norway and the UK. We took a closer look. This content was published on December 19, 2025 - 11:00 7 minutes

I oversee the distribution and social media channels for the English department and write news articles in English. I studied modern languages, English, and Russian literature, then completed an MA in international journalism in Cardiff. After that, I worked for BBC Education in Manchester for a few years before moving to Switzerland.

• More from this aut
• English Departm

I am a specialist in creating digital content and managing social media platforms, combining expertise in communication with a sharp eye for trends. I conduct weekly research on Swiss media to produce a press review of the most important topics and stay constantly attuned to opportunities for developing innovative journalistic products. I hold a degree in Sociology from Valencia (Spain) and Bern (Switzerland), with a specialisation in Media Studies. My professional experience includes journalism, digital content creation, podcast production, and multimedia content creation.

• More from this aut
• Spanish Departm

• Español es ¿Verdadero o falso?:¿Se van las personas ricas con un impuesto de sucesiones? Original Read more: ¿Verdadero o falso?:¿Se van las personas ricas con un impuesto de sucesi

The“For a social climate policy” initiative, launched by the youth section of the left-wing Social Democratic Party (JUSO), proposed a 50% tax on any inheritance or gift worth more than CHF50 million ($63 million) The revenue was to be earmarked for tackling climate change.

The proposal was based on the belief that the very wealthy, whose lifestyles have a greater impact on global warming, should contribute more to climate protection. But the initiative was rejected by 78.3% of Swiss voters with fears that the super-rich would leave the country helping to tip the balance.

Switzerland's super-rich warn they may leave

The“No” camp included several high-profile figures. Peter Spuhler, owner of manufacturer Stadler Rail and one of Switzerland's 100 richest people, became the face of the campaign. He argued his children could not afford such a tax without selling large parts of the company, thereby risking loss of control. If the initiative had passed, he said, leaving Switzerland would have been his only option.

+ Inheritance tax vote spooks Swiss super-rich

However, some economists argue these claims shouldn't be taken at face value.“That's what we like to call 'cheap talk',” says Marius Brülhart, professor of economics at HEC Lausanne business school. Isabel Martínez, who heads the Inequality and Public Economics research section at the KOF Swiss Economic Institute of the federal technology institute ETH Zurich, adds that a threat is not the same as action. She says that it is“something wealthy individuals play with because they benefit from stoking this fear among voters”.

According to both experts, there is evidence that wealthy people in Switzerland are more mobile, particularly foreign millionaires.“When it comes to wealth and inheritance taxes, the super-rich are the ones who react most strongly,” says Martínez.

More More Swiss Politics Will a drastic hike in Swiss inheritance tax lead to an exodus of billionaires?

This content was published on Jul 23, 2024 A proposal to levy an inheritance tax of 50% on the super-rich has provoked emigration threats from wealthy Swiss residents.

Read more: Will a drastic hike in Swiss inheritance tax lead to an exodus of billiona

MENAFN19122025000210011054ID1110503656