A Tax on the Ultra-Wealthy: Switzerland Prepares for High-Stakes Referendum
The Swiss referendum on inheritance tax is causing concern in the private wealth sector.
National stereotypes can be a dangerous thing, but some exist for good reason. Switzerland's reputation as a haven for private wealth has been based on firm foundations, such as its banking privacy laws and friendly tax regime.
A left-wing youth movement in the country, led by Mirjam Hostetmann, has gathered over 100,000 signatures in support of its proposal for a federal inheritance tax on the super rich.
Little wonder the Mitteleuropean nation topped a recent UBS ranking of countries according to average wealth per adult.
Author's summary: Switzerland faces a referendum on taxing the ultra-wealthy.