[greyw]

The highest marginal wealth tax rate in Zurich is 0.47% and 0.9% in Geneva starting at 2-3mn CHF. It's not irrelevant at all

If you now earn 4% on your capital and pay 0.9% wealth taxes that is like a 25% tax rate on your unrealized gains. Inflation is close to zero anyway and interest rates are negative.

Obviously I prefer that system because we can compound essentially tax free to a couple of 100k before having to think about taxes.