In the Swiss cantons of Schwyz and Zug one in eight residents are millionaires.
The Swiss newspaper published the findings Sunday, based on an analysis of government statistics including tax and wealth data.
Located in central Switzerland, Schwyz and Zug have lower personal tax rates compared to larger, more densely populated cantons including Zurich and Geneva.
Christoph Schaltegger, a professor of political economy at the University of Lucerne, said the examples of Schwyz and Zug show that tax competition between cantons is a good thing.
“It gives remote and structurally weak regions the opportunity to assert themselves against attractive urban centers,” he said in SonntagsBlick.
Acrosss Switzerland as a whole, the number of millionaires per 1,000 taxpayers was 62 in 2017, the newspaper reported. That’s up from 11 millionaires per 1,000 in 1969.
Residents of Baar, Switzerland pay about 7.5% in personal taxes per 100,000 Swiss francs ($109,450) of income according to tax preparation service Transforma AG. Residents of Geneva pay about 16%.
