Millionaire relocations to Switzerland drop 40% as Italy gains

Beyond offering a high quality of life, a stable economy, and beautiful nature, Switzerland is also a magnet for high earners. However, new figures now suggest that fewer millionaires are moving to Switzerland and are instead choosing tax-friendly countries for expats such as Italy, Monaco and the United Arab Emirates (UAE).

Why expat millionaires are choosing Italy over Switzerland

Projections from New World Wealth estimate that around 1.800 US dollar millionaires will move to Switzerland in 2026. When compared to the 2025 figure of 3.000, that’s roughly a 40 percent drop in the number of wealthy people relocating to Switzerland.

Head of research at New World Wealth Andrew Amoils believes that “Switzerland is no longer as attractive as it used to be” when it comes to tax rates.

Neighbouring countries like Italy are now offering some new residents the option to pay a flat-rate annual tax on foreign income (rather than the 43 percent rate on income over 50.000 euros). PwC Switzerland also confirmed the trend, particularly among expat entrepreneurs who are increasingly “considering relocating to Italy,” according to 20 Minuten.

Meanwhile, other countries like Monaco, the United Arab Emirates and the Cayman Islands also continue to attract wealthy internationals.

Swiss cantonal tax rates remain competitive for expats

Still, Switzerland “hasn’t suddenly become unattractive” as a place to live, with many cantons even lowering tax rates in 2026. Instead, other countries like Italy have simply become more competitive and “improved their conditions for wealthy individuals.” 

In Switzerland, experience can also vary across the country, with low-tax cantons like Zug, Schwyz, Lucerne, Nidwalden and Obwalden known for offering attractive incentives to potential new residents.

Indeed, the recent shift fits broader Swiss immigration trends seen so far this year. Swiss net migration has dropped 12,5 percent in 2026, with fewer people migrating and more people emigrating.