Switzerland used to be the ideal refuge for the rich: great skiing; picturesque lakeside mansions; airtight bank-secrecy laws; and low taxes. It has long had the highest concentration of millionaires and billionaires in Europe.

Switzerland still has that great skiing and big villas. But its bank-secrecy laws are being pried open by foreign governments (ie, the US and Germany). And now it may be raising taxes on the rich.