Swiss voters decisively rejected a proposal to impose a 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, with 78% voting against the plan—surpassing expectations from pre-vote polls that suggested two-thirds opposition.

The initiative, launched by the youth wing of the leftist Social Democrats (JUSOs), sought to use the revenue to fund climate change mitigation projects. “The super rich inherit billions, we inherit crises,” JUSOs argued in support of the measure.

Bankers and policymakers had closely watched the referendum as a test of public appetite for wealth redistribution in Switzerland, a country known for its high cost of living and concentration of wealth. Similar debates have taken place in countries like Norway, which has strengthened its wealth tax in recent years.

Opponents warned that the proposed tax could drive wealthy residents out of Switzerland, potentially lowering overall tax revenue. The Swiss government also publicly urged voters to reject the measure.

The outcome underscores Switzerland’s continued reluctance to adopt aggressive taxation on the ultra-wealthy, even amid growing concerns about economic inequality and climate funding.