Private wealth in Switzerland has never been higher. But how is it formed, and what role do inheritances play today? These are the questions addressed by the study Wealth and Inheritance in 21st Century Switzerland, conducted by Professor Marius Brülhart, HEC Lausanne (Unil) and co-authors, and published by E4S.
Rising Wealth and Increasing Transfers
Over the past 25 years, private wealth in Switzerland has grown substantially. By 2025, transferable wealth reached approximately CHF 3,600 billion—equivalent to 4.2 times GDP—compared with CHF 1,400 billion in 2000 (2.9 times GDP). Over the same period, intergenerational transfers increased markedly: annual inherited amounts rose from CHF 32 billion to around CHF 100 billion, representing 11.6% of GDP. These trends point to a growing importance of inheritance in the circulation of wealth.
Persistent Wealth Concentration
Wealth in Switzerland remains highly concentrated. The richest 1% holds around 45% of total wealth, while millionaires—about 7% of taxpayers—own close to 70%. Although inheritances are slightly less concentrated than wealth itself, they still contribute to maintaining these disparities over time.
Later Transfers in the Life Cycle
The study also highlights a shift in the timing of wealth transfers. The median age at which individuals receive an inheritance is now around 60. The likelihood of inheriting is higher between ages 61 and 65 than before age 45. This shift may influence how inherited wealth shapes individual economic trajectories.
Wealth and Inheritance: Declining Tax Rates
Wealth and inheritance taxes have fallen significantly in Switzerland over the past few decades. The average effective tax rate on wealth has dropped from 0.35% in 1990 to 0.28% in 2025, while the rate on inheritances has fallen from 4.6% to 1.5%. This trend is primarily due to cantonal reforms, notably the gradual elimination of inheritance tax on direct descendants and several reductions in wealth taxation.
Real estate, meanwhile, is often undervalued for tax purposes relative to its market value, which further reduces the effective tax burden for certain households.
These changes may have contributed to rising wealth inequality, although the causal link remains unclear.
A Gradual Shift in Wealth Dynamics
Taken together, these findings show that inheritance plays an increasingly important role in wealth formation in Switzerland. Private wealth is growing faster than income and remains concentrated among older and wealthier households. Inheritances are received later in life, and most households draw down their wealth only to a limited extent after retirement, if at all.
By precisely quantifying transfer flows and their evolution, this study provides important insights into the role of inheritance in the Swiss economy.
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