The Global Race For The Wealthy, And Why Switzerland Keeps Winning

Record numbers of millionaires are leaving their home countries. LINDEMANNLAW founding partner Dr. Alexander Schiemenz speaks to the NZZ on what is driving the exodus, and why Switzerland remains the destination of choice.

The competition for the world’s wealthy is intensifying. According to figures cited by the Neue Zürcher Zeitung, a record 165,000 millionaires are expected to emigrate this year, roughly triple the level of 2013 (Henley & Partners). As governments raise taxes and political uncertainty grows, high-net-worth individuals and skilled entrepreneurs are becoming increasingly mobile, and countries are competing openly to attract them.

The pressure is most visible in three markets. The United Kingdom’s abolition of the non-dom status prompted more than 10,000 millionaires to leave in a single year. Norway’s wealth-tax increases drove some 300 individuals, holding assets of at least €100 million each, around €50 billion in total, to relocate, many of them to Switzerland. And Germany is now firmly part of the trend: a record 290,000 citizens emigrated last year, among them 29 billionaires, ten of whom moved to Switzerland.

As a native of Munich, our founding partner Dr. Alexander Schiemenz observes this development with some regret. “Wealth protection is an important need for my clients,” he tells the NZZ. “But the high tax burden, combined with years of stagnation, is weighing heavily.” He notes that Germany’s tightened exit taxation (Wegzugsbesteuerung) is already causing considerable frustration and in some cases must be described as outright prohibitive. Importantly, however, the burden can often be reduced through careful, long-term planning.

Switzerland, meanwhile, remains firmly at the top of the list. Legal certainty and economic stability are decisive arguments, Dr. Schiemenz explains. While other jurisdictions can compete on headline tax offers, Italy’s lump-sum regime among them, such schemes can prove to be bait: Italy has since raised its flat tax from €100,000 to €300,000. Switzerland’s enduring appeal rests on stability and predictability rather than short-lived incentives.

At LINDEMANNLAW, we advise entrepreneurs, families and enterprises on relocation to Switzerland, residence permits, wealth protection and cross-border tax planning, with the discretion and precision that international clients expect. If you are considering a move or restructuring your affairs, our relocation and tax advisory team would be glad to help you plan ahead.

Read the full NZZ article by Albert Steck here: Der Kampf um die Reichen spitzt sich zu (NZZ).

The article is also available as a PDF attachment: Download