Billionaire backs wealth tax after Switzerland rejects inheritance proposal

Switzerland on Sunday overwhelmingly rejected a proposed 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, with over 78% of voters voting against the measure—an even stronger rejection than polls had projected.

The initiative, put forward by the youth wing of the leftist Social Democrats (JUSOs), sought to fund climate change mitigation projects, arguing that “the super rich inherit billions, we inherit crises.” Their push came amid growing concerns about the rising cost of living in one of the world’s most expensive countries.

Bankers and economists closely watched the vote as a litmus test for wealth redistribution sentiment in Switzerland, particularly as other countries—such as Norway—have recently enhanced or debated their wealth tax policies. Critics of the plan warned it could trigger an exodus of wealthy individuals, ultimately reducing tax revenues, a concern echoed by the Swiss government, which had urged voters to reject the proposal.

Despite the outcome, dissenting voices within Switzerland’s elite are emerging. Shortly after the referendum, Swiss billionaire Alfred Gantner, co-founder of private equity firm Partners Group, publicly called for higher taxation of the rich, pointing to the growing concentration of wealth as a global concern.

“It can’t be that a few people in this country have huge fortunes and others don’t know how they’re going to pay their health insurance and rent,” Gantner said in a recent interview. He warned that without action, “the Elon Musks, Mark Zuckerbergs and Fredy Gantners will amass a whole lot more money in the next 20 years.”

While rejecting inheritance taxes as easily circumvented, Gantner instead proposed a progressive wealth tax system, suggesting rates increasing gradually above 200 million Swiss francs. Switzerland, a major global wealth management hub, is home to around 2,500 taxpayers with assets exceeding 50 million francs, according to national tax data. Gantner, listed at No. 1045 on the 2025 Forbes Billionaires list with an estimated net worth of $3.5 billion, argues that luck plays a significant role in vast wealth accumulation and that reform is necessary.