Switzerland is doubling down on its status as a rich-friendly haven after rejecting a tax on the ultra-wealthy. Despite competition from other countries, one banking executive says it will remain at the top of millionaires\u2019 lists of destinations to migrate to.\u00a0\u00a0<\/p>\n
\u201cIn our business wealth management and private banking Switzerland will remain the No. 1 location worldwide,\u201d said EFG International AG\u2019s chief executive officer Giorgio Pradelli in a Bloomberg TV interview<\/a> on Friday.\u00a0<\/p>\n The bank bosses\u2019 thoughts came before 78% of voters in The Alpine nation undeniably rejected a proposal to impose a new national tax on inheritances or gifts of more than 50 million francs ($62 million U.S. dollars).<\/p>\n With that money, those revenues were planned to fund the impact of climate change and combat wealth inequality. The tax would affect about 2,500 people<\/a> in Switzerland, a small fraction of its population of about 9 million people.\u00a0<\/p>\n But that tiny faction of people holds a lot of leverage. The top 300 wealthiest residents<\/a> are a combined 850 Swiss Francs (or just over $1 trillion). In a report that measured millionaires per capita<\/a>, Switzerland led globally with about 145 millionaires per 1,000 adults\u2014meaning roughly one in seven Swiss adults is a millionaire. And the Pradelli doesn\u2019t see its status as home to the wealthy changing any time soon.<\/p>\n \u201cI have been bullish about the Swiss financial center also in years when many people were even more pessimistic than today,\u201d he added.\u00a0<\/p>\n Even with the tax not passing, Switzerland has faced increasing competition from other billionaire-havens in the Middle East and Asia. To enjoy the fruits of their fortune, the world\u2019s wealthiest favor migrating towards cities with tax perks and investor-friendly options.\u00a0<\/p>\n A record number of roughly 142,000 millionaires<\/a> were expected to relocate globally<\/a> in 2025, according to the Henley Private Wealth Migration Report. That forecast for millionaires moving is looking to grow to 162,000 by 2026.\u00a0<\/p>\n The country gaining the most millionaires was The United Arab Emirates<\/a>, followed by the United States, Italy and then Switzerland at number four.\u00a0<\/p>\n The reason for the UAE leading the charts: zero income tax, world-class infrastructure, political stability, and regulatory framework. In addition, its 2019 Golden Visa<\/a> program, refined in 2022 \u201chas created a compelling proposition,\u201d according to reports from Business Insider.\u00a0<\/a><\/p>\n While the United States attracted millionaires looking for Florida and Silicon Valley to keep the top spot for tech entrepreneurs.<\/p>\n