Switzerland Shows Wealth Taxes Can Coexist With a Booming Millionaire Class, as California Weighs Prop 40

Switzerland has levied personal wealth taxes at the cantonal level for over a century while remaining a magnet for the rich, ranking fourth in per-capita GDP at $126,177. A retired Treasury adviser, Warren Gorlick, notes that the number of adults with $5 million to $10 million in assets grew 7.4% annually from 2000 to 2025, crediting modest rates: a Zurich couple with $2.5 million pays an effective 0.24%, and a billionaire pays 0.7%. He contrasts that with California's Proposition 40, a one-time 5% levy on billionaires, and with proposals from Elizabeth Warren, Bernie Sanders and Ro Khanna. Gorlick argues a 0.5% U.S. top rate could raise $200 billion a year without driving billionaires abroad.