Economy / FinanceEurope

German Millionaires Rush Assets to Switzerland Ahead of Election


Ahead of Germany’s election, the country’s millionaires are moving assets into Switzerland, bankers say. If the center-left Social Democrats, hard-left Linke and Greens come to power, the reintroduction of a wealth tax could be on the agenda.  “For the super-rich, this is red hot,” said a German-based tax lawyer with extensive Swiss operations. “Entrepreneurial families are highly alarmed.” The move shows how many rich people still see Switzerland as an attractive place to park wealth, despite its efforts to abolish its image as a billionaires’ safe haven. One top Swiss banker said: “I know a number of German entrepreneurs…

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