Key facts
- A Swiss initiative proposes capping the permanent resident population at 10 million by 2050.
- The vote on June 14 is seen as a referendum on immigration pressure in Europe.
- UBS CEO Sergio Ermotti described the proposal as an 'extreme' measure.
- Switzerland's population was approximately 9.1 million at the end of 2025.
- If passed, the initiative could lead to renegotiating or terminating EU agreements, including free movement.
- The proposal is backed by the right-wing Swiss People's Party (SVP).
A proposed Swiss initiative to cap the country's permanent resident population at 10 million by 2050 is set for a vote on June 14. UBS CEO Sergio Ermotti has voiced strong opposition, calling the measure 'extreme' and arguing it does not address the root causes of societal frustration related to immigration. Switzerland's population was approximately 9.1 million at the end of 2025, with net international migration accounting for about four-fifths of its growth since 2000. Foreign nationals constitute about 27% of the resident population, and 41% of permanent residents aged 15 and over have a migration background. The initiative, backed by the Swiss People's Party (SVP), would require renegotiating or terminating international agreements contributing to population growth, including the EU's Agreement on the Free Movement of Persons, potentially jeopardizing broader Bilateral Agreements I. Supporters cite housing shortages, strained infrastructure, and concerns over social cohesion. UBS, a major employer with an international workforce, relies on foreign talent and warns that a rigid cap could worsen labor shortages in an aging society with a low fertility rate. Ermotti stressed the need for evidence-based policymaking, urging decisions grounded in fact rather than emotion. His comments coincide with ongoing debates over proposed increases to UBS's domestic capital requirements, which the bank warns could damage its business model and the broader economy.