According to estimates from the British consultancy firm Henley & Partners, specializing in the relocation of wealthy clients, Switzerland welcomed some 1,500 additional millionaires in 2024 and the country can prepare for a new influx of the ultra-rich in 2025. “Some will leave their region of origin because of conflicts or oppressive regimes, others will be driven out by international sanctions [à l’encontre de leur pays] and some will simply seek to reduce their tax burden,” reports Swissinfo.ch.
Millionaires have never been so mobile while political tensions “are increasing almost everywhere”, notes the magazine NZZ on Sunday. And Switzerland appears more than ever as “an oasis of stability”, in the words of financier Éric Sarasin. Its assets: stable governance, an idyllic landscape, the possibility of living incognito and generous tax advantages. “Over the decades, rock stars, sports figures, successful entrepreneurs and other wealthy foreign personalities have been welcomed by several Swiss cantons, which go out of their way to attract them.”
A blessing for local finances
Two years ago, a city like Lugano, in Ticino, recorded a wave of new residents driven out of Norway by the reform of their tax system. This year, Lugano has seen an influx of adopted Londoners, convinced to change their home base by the announcement of the abolition of the status of “non-dom” residents. “We receive more requests every week [de résidents en Grande-Bretagne]. Much more than last year,” confirms Stefan Piller, of the consulting firm BDO, at Financial Times.
The new arrivals are a “blessing” for the city's finances, explains NZZ on Sunday : the richest inhabitants finance more than 30% of tax revenue. Lugano now has around 400 people taxed at the “flat rate”, based on the taxpayer's lifestyle and expenses in Switzerland, and not on their real income and wealth. A rate which only applies to foreigners not carrying out any gainful activity in Switzerland.
But the 2008 financial crisis prompted the country to tighten rules governing flat-rate tax benefits. Some cantons, notably Zurich, have even voted to ban them. In short, Switzerland is a little less attractive than before. Above all, it must face stiff competition from other countries: the Emirates, Singapore, the United States, Australia – not to mention Italy or Portugal.
This year, Dubai welcomed 6,700 more millionaires than in 2023, the United States 3,800, Singapore 3,500. In 2025, more than 120,000 millionaires are expected to change countries of residence, estimates Henley & Partners. Switzerland still has room for improvement.
