Swiss Voters Reject Proposed Tax on Super-Rich With 79%, Early Estimates Show

A drone view shows the Limmat river, the Grossmunster Church and the Fraumunster Church on an early morning in Zurich, Switzerland May 2, 2025. REUTERS/Denis Balibouse

ZURICH, December 1, 2025 (Saudi Arabia Breaking News) – Swiss voters rejected on Sunday a proposal to impose a 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, with public broadcaster SRF estimating 79% of ballots cast against the measure.

The initiative, put forward by the youth wing of the Social Democratic Party (JUSO), sought to raise funds for climate-related projects. It had been widely expected to fail, with recent polls showing more than two-thirds of respondents opposed.

Financial institutions monitored the vote closely, viewing it as an indicator of Switzerland’s appetite for wealth redistribution at a time when countries such as Norway have expanded or debated higher wealth taxes.

Switzerland hosts several of the world’s most expensive cities, and concerns over the rising cost of living have gained prominence in local political debates.

Critics of the initiative said the measure risked driving wealthy residents out of the country, potentially reducing tax revenues. The Swiss government had urged voters to reject it.