Switzerland recently witnessed a heated debate that culminated in the rejection of a proposed 50% inheritance tax on fortunes exceeding 50 million Swiss francs. For an outsider, the decision may seem like a victory for the country’s billionaires. But as someone with years of experience educating entrepreneurs and navigating global economic frameworks, I see caution in their triumph. Switzerland has long been viewed as a tax haven, but cracks in its system could prompt billionaires to reconsider their loyalty.
Here’s what this debate uncovered and why Switzerland's wealthy class finds itself uneasy, despite defeating the proposed tax.
The Referendum and Its Fallout
On November 30, 2025, nearly 78% of Swiss voters struck down the tax proposal. It’s important to note that this wasn’t just about wealth redistribution. Proponents aimed to fund climate initiatives and social programs, rallying behind the idea that those inheriting vast fortunes must share a fairer tax burden. The opposition argued that such a law would drive away family-owned businesses and wealthy individuals who contribute significantly to the economy.
Noteworthy billionaires like Peter Spuhler, owner of Stadler Rail, and Wim Ouboter, the man behind the Micro scooter, even threatened to leave the country. In the end, all 26 Swiss cantons opposed the measure.
While this sounds like a resounding victory for the ultra-wealthy, the situation isn't that simple.
Why Are Billionaires Nervous?
The rejection of the tax exposed a critical shift: Switzerland’s "silent pact" of discretion around wealth is now fraying. For decades, the country offered more than just low taxes. The wealthy enjoyed its stability and privacy, two things that helped Switzerland remain a top choice for billionaires globally. But after months of public debates, some of these perks are now coming under scrutiny.
1. Rising Public Pressure
Wealth inequality is no longer a taboo topic. Over 42% of Swiss private wealth is held by the top 1%, and campaigns like this inheritance tax expose where the money is concentrated. The next round of debates may not be about inheritances specifically, but something like a progressive wealth tax could take center stage. Activists and political groups are now empowered to drag wealth-related issues back into public voting.
2. Competition from Rival Tax Havens
A few years ago, Switzerland stood unchallenged as the go-to destination for wealthy families. Now, it’s facing competition from places like Dubai, Singapore, and Monaco. For example, Dubai has attracted nearly 10,000 millionaires in 2025 alone, thanks to its zero inheritance tax policy and strong financial privacy laws. As alternatives grow stronger, billionaires have more options, options that threaten Switzerland’s long-standing grip on the wealthy.
3. Fear of a Precedent
This referendum may not have passed, but what happens next time? For billionaires, even the mere discussion of a tax like this signals a precedent that Switzerland is willing to entertain such ideas. This is prompting some of them to take preventative measures, such as acquiring dual residencies or diversifying their assets globally.
How This Could Impact Entrepreneurs and Businesses
For entrepreneurs running wealth management firms, fintech startups, or family offices, these macroeconomic shifts offer both challenges and opportunities. Below are some ways this ripple effect might play out.
1. Increased Demand for Tax Optimization Services
Wealthy families will likely seek more sophisticated strategies to minimize tax burdens. This creates opportunities for niche advisory services specializing in multinational taxation, global investments, and trust management.
2. Potential Relocation of Capital
If billionaires begin shifting their wealth to other jurisdictions, Swiss startups, especially those reliant on domestic angel or family office investors, could feel the squeeze. For example, family-owned companies might rethink keeping headquarters in Switzerland if they foresee unfavorable policies.
3. Startup Ecosystem Evolves
Should Switzerland’s talent pool follow the billionaires, the business climate could become less vibrant. Combined with increased taxes, this could strain new businesses looking to secure funding or tap into Switzerland’s economic networks. Young innovators may look beyond the Alps for opportunities and resources.
What Entrepreneurs Can Do Now
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Watch Global Wealth Shifts
If you’re building a business that caters to high-net-worth individuals (HNWIs), look at trends in capital flights to places like Dubai, Abu Dhabi, and Singapore. -
Offer Diversification Tools
Startups offering digital solutions for global citizenship, portfolio diversification, or estate planning could see high demand. -
Collaborate Locally Before Change Comes
Engage with Swiss billionaires or their family offices now, while Switzerland remains their primary base. Explain how your solution could shield their wealth from potential future impositions, regardless of jurisdiction.
Common Missteps to Avoid
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Ignoring Privacy Laws in New Jurisdictions: Global data compliance remains strict. If your offerings revolve around tax planning or digital banking, take special care of regulations in destinations like Singapore or the UAE.
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Failing to Build a Location-Agnostic Business Model: Entrepreneurs serving Swiss clients must broaden their geographical scope. Ensure that services like automated planning or financial analytics work seamlessly across multiple jurisdictions.
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Underestimating How Public Sentiments Influence Wealth Decisions: Swiss billionaires today are rattled not just by the numbers but by public disapproval. Businesses targeting these clients need carefully crafted messaging and branding to avoid association with exploitation.
Insights from a Serial Entrepreneur
This referendum underlined an important truth about economics: every decision taken at the policy level cascades into private decision-making. Wealthy individuals don't act on numbers alone, they act on optics, public sentiment, and perceived stability. Entrepreneurs who understand this psychological aspect can build stronger relationships and more resilient business models.
Personally, I’ve seen startups rise and fall because they were too reliant on the status quo. You can't build lasting success on the assumption that nothing will ever change. Entrepreneurs in Switzerland (or serving Swiss clients) need to adopt proactive strategies to stay competitive.
Conclusion
Switzerland defeated the inheritance tax proposal for now. But the debate has triggered a subtle nervousness among its wealthiest residents. Entrepreneurs need to read between the margins of this story. The world of wealth is increasingly mobile, and jurisdictions like Dubai and Singapore might overshadow Switzerland in the coming years. Whether you’re building tools for family offices or pitching your next startup idea, prepare for this shifting climate. A proactive approach now could lead to significant gains as this economic narrative unfolds.
FAQ
1. Why did Switzerland propose an inheritance tax?
The inheritance tax proposal aimed to impose a 50% levy on fortunes exceeding 50 million Swiss francs to fund climate initiatives and social programs. Proponents argued that it would address wealth inequality and ensure the ultra-wealthy contribute fairly. Read more about the proposal
2. How did Swiss voters respond to the inheritance tax proposal?
Nearly 78% of Swiss voters rejected the proposal in a referendum, with all 26 cantons voting against it, citing concerns of capital flight and potential harm to family-owned businesses. Learn more about the referendum results
3. What were the reasons for opposing the inheritance tax?
Opponents argued the tax could drive away wealthy residents and family-owned businesses, destabilizing Switzerland’s economy. Billionaires like Peter Spuhler and Wim Ouboter threatened to leave the country if the tax was passed. Explore the opposition's arguments
4. Why are Switzerland's billionaires still nervous, despite defeating the tax?
The debate exposed a fraying of Switzerland's "silent pact" of discretion around wealth, raising fears about increasing public scrutiny and the possibility of future tax reforms targeting the rich. Discover why billionaires are uneasy
5. What are potential future risks for Switzerland's wealthy class?
The rejection of the tax energized activists and political movements, which could push for new proposals like progressive wealth taxes. This uncertainty makes billionaires wary of Swiss tax stability. Learn more about future risks
6. How does Switzerland’s tax attractiveness compare to other jurisdictions?
Switzerland faces growing competition from tax havens like Dubai and Singapore, which offer zero inheritance taxes and strong financial privacy, attracting wealthy individuals globally. Explore Switzerland’s competitors
7. What is the role of public sentiment in Swiss economic policies?
The public debate over the inheritance tax brought wealth inequality into the spotlight, empowering activists to challenge the ultra-rich and influence future policies through direct democracy. Read about public sentiment’s impact
8. How does this referendum affect Swiss entrepreneurs?
Entrepreneurs may face challenges as potential capital relocation decreases domestic funding opportunities, while a talent drain could weaken the country’s business ecosystem. Learn about the impact on entrepreneurs
9. What lessons can entrepreneurs learn from this situation?
Entrepreneurs serving high-net-worth individuals should diversify their services geographically, offer tax optimization tools, and prepare for changes in public and policy sentiment affecting wealth. Find entrepreneurial insights from this debate
10. What is Switzerland's future as a haven for billionaires?
Switzerland remains attractive, but its stability for the ultra-wealthy may erode as competitors gain ground and public debates challenge its tax policies. Explore Switzerland's future as a wealth hub
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.