Switzerland is doubling down on its status as a rich-friendly haven after rejecting a tax on the ultrawealthy. Despite competition from other countries, one banking executive says it will remain at the top of millionaires’ lists of destinations to migrate to.
The bank bosses’ thoughts came before 78% of voters in the alpine nation undeniably rejected a proposal to impose a new national tax on inheritances or gifts of more than 50 million francs ($62 million U.S. dollars).
“I have been bullish about the Swiss financial center also in years when many people were even more pessimistic than today,” he added.
Even with the tax not passing, Switzerland has faced increasing competition from other billionaire havens in the Middle East and Asia. To enjoy the fruits of their fortune, the world’s wealthiest favor migrating toward cities with tax perks and investor-friendly options.
The United States attracted millionaires looking for Florida and Silicon Valley to keep the top spot for tech entrepreneurs.
