Swiss voters overwhelmingly rejected a proposed 50% tax on inheritances of 50 million francs ($62 million) or more, with 78% voting against it.

The measure, put forward by the leftist Social Democrats’ youth wing, aimed to fund climate change initiatives.

Critics and the Swiss government argued the tax could drive wealthy residents abroad and reduce tax revenue.

The vote was seen as a test of public appetite for wealth redistribution amid rising living costs, CNBC has reported.

Observers noted Switzerland’s rejection contrasts with moves in other countries, like Norway, to expand wealth taxes.