ZURICH (Realist English). Switzerland on Sunday overwhelmingly voted down a plan to impose a 50% tax on inherited wealth above 50 million Swiss francs ($62 million), with 78% of voters rejecting the measure — a margin even wider than polls had forecast.
The referendum, closely monitored by the financial sector, was seen as a barometer of public support for wealth-redistribution policies at a time when several European countries, including Norway, have strengthened or debated similar taxes. Despite rising concern about the cost of living in Switzerland — home to some of the world’s priciest cities — the electorate showed little willingness to target the ultra-rich with a new levy.
The initiative was launched by the youth wing of the Social Democratic Party (JUSO) and aimed to raise funding for climate-mitigation projects. Proponents argued that “the super-rich inherit billions, while we inherit crises.”
Opponents, including the Swiss government, warned that such a measure could prompt wealthy residents to leave the country and ultimately reduce overall tax revenue. Their argument prevailed decisively, underscoring Switzerland’s longstanding political caution toward major changes in its tax regime.