CEO of $5.6 billion Swiss bank says country is still the ‘No. 1 location’ for wealth after voters reject a tax on the ultra-rich

“In wealth management and private banking, Switzerland will remain the No. 1 location worldwide,” said Giorgio Pradelli, CEO of EFG International AG. Bloomberg TV interview on Friday.

The bank chiefs’ ideas came before 78% of voters in the Alpine country undeniably rejected a proposal to impose a new national tax on inheritances or gifts worth more than 50 million francs (US$62 million).

With this money, these revenues are planned to finance the impact of climate change and combat wealth inequality. The tax will affect about 2,500 people in Switzerland, a small portion of its population of about 9 million.

But this small faction of people holds a lot of influence. The 300 richest residents have a combined fortune of 850 Swiss francs (or just over $1 trillion). In a report measuring millionaires per capita, Switzerland led the world with about 145 millionaires per 1,000 adults – meaning that approximately one in seven Swiss adults is a millionaire. Bradley doesn’t see its status as a home for the wealthy changing any time soon.

“I was optimistic about the Swiss financial position also in years when many people were more pessimistic than they are today,” he added.

Even without the tax being passed, Switzerland has faced increasing competition from other billionaire havens in the Middle East and Asia. To enjoy the fruits of their wealth, the world’s richest people prefer to migrate to cities that enjoy tax advantages and investor-friendly options.

A record number of about 142,000 millionaires are expected to move globally in 2025, according to the Henley Private Wealth Migration Report. This forecast for mobile millionaires looks to grow to 162,000 by 2026.

The country with the largest number of millionaires was the United Arab Emirates, followed by the United States, Italy, and Switzerland in fourth place.

The reason why the UAE tops the charts is: lack of income tax, world-class infrastructure, political stability, and regulatory framework. In addition, the 2019 Golden Visa Program, revised in 2022, “created a compelling proposition,” according to reports from Business insider.

While the United States has attracted millionaires looking to Florida and Silicon Valley to retain the top spot for technology entrepreneurs.

Switzerland has seen new inflows from Scandinavia and the UK – and, in light of recent tax rises in Britain, could see a more wealthy population in the coming years.