Some super rich people are already leaving Switzerland.
It’s thought they may be fleeing ahead of an initiative that’s been launched by the Young Socialist Party that would tax inheritance at 50% for those worth more than CHF 50m.
The finance minister of canton Nidwalden, Michèle Blöchliger, says millionaires have left, although she admits she can’t be certain it’s due to the threat of the new tax.
According to a report in the SonntagsZeitung newspaper there are 466 people worth over 50 million in Geneva and 104 in Vaud. But that number may be under represented due to those who have negotiated a lump sum tax amount.
But politicians are worried. The Centre Party MP, Elisabeth Schneider-Schneiter, posted on X; if the millionaires leave, the middle classes will have to pick up the bill.
It's unlikely the people will have to vote on the issue for another two years, and already counter-proposals are being talked about - perhaps a 10% tax on fortunes with more than CHF 5m.
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