Swiss Back a New Wealth Tax on the Richest Residents in Poll

Swiss voters backed higher taxes on wealthy residents to fund the military and pensions, marking a potential second move targeting large fortunes within a year. The decision raises fiscal receipts earmarked for defense and pensions and increases political risk for Swiss banks, asset managers and high-net-worth clients; monitor implementing legislation and capital-flow implications.

Analysis

Swiss voters backed higher taxes on wealthy residents to fund the military and pensions, marking a potential second move targeting large fortunes within a year. The decision raises fiscal receipts earmarked for defense and pensions and increases political risk for Swiss banks, asset managers and high-net-worth clients; monitor implementing legislation and capital-flow implications.