Switzerland Had an Estimated 944,000 U.S.-Dollar Millionaires in 2025

Switzerland had an estimated 944,000 U.S.-dollar millionaires at the end of 2025, alongside wealth taxes levied by every canton in a system with no nationwide tax since 1959.

The estimated number of Swiss adults with net assets of $5 million to $10 million grew at a 7.4% compound annual rate from 2000 through 2025. Their combined wealth grew 8.3% annually over the same period. The figures do not establish that wealth taxes caused the growth.

Swiss cantons have taxed personal wealth since the early 18th century. A federal wealth tax operated from 1915 to 1959. Cantonal and municipal rates affect individual tax bills.

A hypothetical $1 billion Zurich fortune would incur an estimated annual wealth-tax bill of about $7 million, equal to roughly 0.7%. The figure is a hypothetical estimate, not an official assessment for a specific taxpayer. Bills vary with applicable rates, and Zurich’s online calculator provides provisional results.

Warren Gorlick, a retired U.S. Treasury policy adviser, cautioned that “...a wealth tax that assumes capital can be taxed indefinitely at a high rate is a wealth tax that ultimately won’t be paid...”

The Swiss system offers a comparison as California prepares to vote on Proposition 40. The proposal would impose a one-time 5% tax on billionaires who were California residents on Jan. 1, 2026, with payment due in 2027. The measure remains a proposal, and voters will decide on it Tuesday, Nov. 3.