Swiss voters overwhelmingly rejected a proposed inheritance tax on Sunday, with 78% voting no. The tax, introduced by the Social Democrats, would have applied a 50% rate to inheritances and gifts exceeding 50 million Swiss francs (about $62.3 million). Billionaire Peter Spuhler threatened to leave the country if the tax passed, and Swiss wealth managers warned that other ultra-wealthy individuals would follow, citing their mobility and options to optimize taxes.
This matters because Switzerland is a key hub for the art world, hosting Art Basel, Hauser & Wirth, and the Geneva freeport, which attract wealthy art collectors. The country has one of the highest concentrations of billionaires globally, and many figures on ARTnews's Top 200 Collectors list reside there. The rejection of the tax preserves Switzerland's favorable conditions for art collectors and the art market, ensuring the country remains a haven for storing and trading valuable artworks.