According to preliminary figures, around 82 percent of voters voted against the proposal for a 50 percent tax on all assets over 50 million francs, equivalent to just under 590 million kronor, when someone dies and the survivors are to inherit.
Before the vote, several wealthy businessmen had threatened to leave the country.
The Social Democrats in Switzerland have pushed for the change in the law. It was proposed that the revenue from the tax be used to finance measures to combat climate change.
