Voters in Switzerland have overwhelmingly rejected a proposed wealth-redistribution plan that would have imposed a 50% tax on inherited fortunes worth more than 50 million Swiss francs (about $62 million). The referendum, held on November 30, saw nearly 78% of voters vote against the measure, sending a decisive signal that the country has no appetite for aggressive taxation of the ultra-rich, despite a rising cost of living and widening wealth inequality.
The proposal, backed by the Young Greens and the Social Democratic Party, aimed to generate 6–8 billion francs a year, with two-thirds of the revenue intended for climate initiatives and the remainder for social security. Supporters argued that the richest 1% hold 45% of Switzerland’s wealth and that taxing large inheritances was a fair way to distribute prosperity. Their campaign slogan — “The super-rich inherit billions, we inherit crises” — reflected the Robin Hood-style pitch behind the initiative.
Opponents countered that the plan was an attack on private property and warned that it would drive wealthy families out of Switzerland — a nation already famous for attracting billionaires through low taxes and financial privacy laws. The government and most major political parties urged voters to reject the proposal, and every canton delivered a “no” verdict.
The debate drew comparisons to economic redistribution ideas debated in other countries, including India. Though different in structure, Switzerland’s inheritance-tax proposal echoed the populist reasoning behind India’s 2024 Congress manifesto promise of direct cash transfers to poor women through the Mahalakshmi scheme — described as delivering money “khatakhat-khatakhat” to households. Both concepts drew from socialist thinking, envisioned taking wealth from the richest to boost the poorest, and were promoted during times of public discomfort over living costs.
In both India and Switzerland, however, voters ultimately rejected the narrative of large-scale wealth redistribution. Switzerland remains one of the few countries without a federal inheritance tax, reinforcing its reputation as a global sanctuary for the ultra-wealthy.
