The town has spent millions on sports facilities, three swimming pools and state-of-the-art schools - the council felt it had more money than it could spend.

It's not a poor region

Freienbach resident Juerg Matthys

Juerg Daniel Matthys, an artist who lives in Freienbach, said he was pleased with the decision, but that there were drawbacks to living in such a wealthy town.

"It's great to have low taxes", he said. "But in another way, it's a problem, because the houses are very expensive."

Freienbach is 30 km from Zurich.

"Most of the people who live here work in Zurich", said Mr Matthys. "A lot of bankers live here. It's not a poor region."

Billionaire banker Martin Ebner is among the town's taxpayers. He and his BZ bank are based in Freienbach and account for much of its wealth.