Swiss voters turned down a referendum to limit the population to 10 million on Sunday, with 55% rejecting the measure. Business leaders and the federal government warned that a cap would choke foreign‑labour inflows essential for sectors from finance to manufacturing. The defeat keeps the current 9.1 million resident count intact and avoids a shock to the economy.

The proposal risked straining ties with the European Union, which purchases roughly half of Swiss exports valued at 315 billion francs annually. Executives at Nestlé and UBS argued the cap would not solve housing or infrastructure pressures, while ABB warned it would generate market uncertainty. A modest 45% backing signals lingering anti‑immigrant sentiment, especially among supporters of the Swiss People’s Party.

Analysts say the vote underscores investors’ preference for stability over nationalist rhetoric. Lombard Odier’s Michael Strobaek noted migration remains a pillar of Swiss wealth, and the government hailed the result as a signal to maintain reliable EU relations. With no cap in place, companies can continue to rely on the skilled foreign workforce that underpins the country’s high‑value economy.