“In our business wealth management and private banking Switzerland will remain the No. 1 location worldwide,” said EFG International AG’s chief executive officer Giorgio Pradelli in a Bloomberg TV interview on Friday. 

The executives' considerations emerged prior to 78% of electors in the Alpine country decisively voting against a proposition to institute a fresh nationwide levy on inheritances or endowments exceeding 50 million francs (equivalent to $62 million U.S. Dollars).

Those funds, generated from such income, were intended to finance responses to climate change's effects and to address disparities in wealth. The proposed tax would impact approximately 2,500 people individuals within Switzerland, representing a minor portion of its roughly 9 million inhabitants. 

However, that small group of individuals possesses considerable influence. The leading 300 wealthiest residents collectively amount to 850 Swiss Francs, which is slightly more than $1 trillion. According to a report that measured millionaires per capita, Switzerland topped the world with approximately 145 millionaires for every 1,000 adults, indicating that about one out of every seven adults in Switzerland is a millionaire. Furthermore, the Pradelli family does not anticipate its position as a haven for the affluent to shift in the foreseeable future.

“I have been bullish about the Swiss financial center also in years when many people were even more pessimistic than today,” he added. 

Wealthy individuals are relocating to different nations in unprecedented numbers.

Despite the tax's failure to pass, Switzerland has encountered heightened rivalry from alternative havens for billionaires located in the Middle East and Asia. To fully benefit from their vast wealth, the globe's richest individuals tend to relocate to urban centers offering fiscal advantages and appealing investment opportunities. 

A record number of roughly 142,000 millionaires were expected to relocate globally in 2025, according to the Henley Private Wealth Migration Report. That forecast for millionaires moving is looking to grow to 162,000 by 2026. 

The nation that saw the largest increase in millionaires was The United Arab Emirates, with The United States, Italy, and Switzerland following in third and fourth place, respectively. 

The UAE's top ranking is attributable to its absence of income tax, superior infrastructure, political steadiness, and established regulations. Furthermore, its 2019 Golden Visa initiative, which underwent adjustments in 2022 “has created a compelling proposition,” as indicated by information from Business Insider. 

The United States drew in wealthy individuals, with Florida and Silicon Valley vying for the leading position among tech innovators.

Switzerland experienced fresh capital contributions from Nordic nations and the United Kingdom; furthermore, considering Britain’s recent tax hikes, it might attract additional affluent individuals in the upcoming period.