Switzerland has long been a haven for the ultra-rich. Its 300 wealthiest residents are worth a combined 850 billion Swiss Francs, or just over $1 trillion, according to business magazine Bilanz.

So it was perhaps unsurprising that a new inheritance tax was resoundingly rejected by voters on Sunday.

The proposal to tax every inheritance and gift of more than 50 million Swiss Francs at 50% was defeated with 78% voting against it.

Powerful Swiss business lobby Economiesuisse called talk of the inheritance tax a "superfluous and damaging discussion."

It welcomed the proposal's defeat, saying: "The threat of forced sales of companies and the resulting weakening of the business location have convinced those entitled to vote from all political camps."

The proposal came from the youth wing of

See Full Page