Don't know about Switzerland, but in the Netherlands where there's also a wealth (or rather, net worth) tax, most property held for personal consumption (art, jewelry, cars, boats) are exempt. Their value in the aggregate is relatively low (compared to real estate and financial property), so the lawmakers decided it was not worth the hassle to tax those.
Real estate is taxed separately, and municipalities run yearly appraisals. But I think that's pretty routine in most developed countries?
Real estate is taxed separately, and municipalities run yearly appraisals. But I think that's pretty routine in most developed countries?