One in eight residents in the cantons of Schwyz and Zug is a millionaire

According to an article in the periodical “SonntagsBlick”, two central Swiss states have made the most of tax competition with cities

One in eight residents of the Swiss cantons of Schwyz and Zug is a millionaire, according to an article in the “SonntagsBlick” magazine.

The Swiss newspaper published the results on Sunday, April 25, based on an analysis of government statistics that include tax and wealth data.

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Located in central Switzerland, Schwyz and Zug have significantly lower personal tax rates than larger, more densely populated cantons such as Zurich and Geneva.

Christoph Schaltegger, professor of political economy at the University of Lucerne, said such examples show that tax competition between cantons is a good thing.

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Growth from 11 millionaires per 1,000 inhabitants in 1969

“It gives remote and structurally weak regions the opportunity to assert themselves against attractive urban centers,” he told the SonntagsBlick.

Across Switzerland, the number of millionaires per 1,000 taxpayers was 62 in 2017, the newspaper reported.

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This has increased considerably from eleven per thousand in 1969.

Residents of Baar, a small town in the Zürich hinterland, pay about 7.5 percent in personal taxes for every 100,000 Swiss francs ($109,450) of income, according to the tax return preparation service Transforma AG.
Geneva residents pay roughly 16 percent in taxes.