Swiss Voters Rejected New Inheritance Tax, But Debate Riled Up the Ultra-Rich

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.

So it was perhaps unsurprising that a new inheritance tax was resoundingly rejected by voters on Sunday.

The proposal to tax every inheritance and gift of more than 50 million Swiss Francs at 50% was defeated with 78% voting against it.

Powerful Swiss business lobby Economiesuisse called talk of the inheritance tax a “superfluous and damaging discussion.”

It welcomed the proposal’s defeat, saying: “The threat of forced sales of companies and the resulting weakening of the business location have convinced those entitled to vote from all political camps.”