They don't. They have a wealth tax on worldwide assets and an income tax or at least an indirect income tax on worldwide income.

How much you pay depends on the canton in which you live. Some have very generous limits, others not so much. Google it.

talk to a GOOD local accountant. there are all sort of rules that make what you declare non obvious. for example I declare my steinway piano and some old master paintings but you can't really be expected to declare everything of any value. good rule of thumb is if you have it insured, you should probably declare it.

cars are interesting because even classic cars can be depreciated at the same standard rate each year as new cars meaning that after a few years their value is completely unrealistic, but when you first buy one, it's initially valued at what you paid for it. I have a 1953 Jaguar C-type that is valued at hardly anything, but a 1974 911 3.0 RS at more because it was only bought 2 years ago.

real estate is the most important one because older houses can have a 'cadastral' value of ten times less than the market value. so if you have a 50% mortgage on it (at 0.9%), it lowers your net worth considerably but costs you less than you could earn on that sum invested to service the loan.

again, talk to an accountant if all this is not absolutely obvious to you.

In canton Zurich it is like -40% of the previous year's value.

Also if you want to lower the wealth tax you might invest in some luxury villa or apartments abroad. With this you can easily lower your taxable wealth by some dozen millions or so. Be aware that you still must declare them as the value is used to calculate the applicable wealth tax rate (satzbestimmend vs. steuerbar). You can also use them to lower your income as some maintenance costs and other stuff is deductible from your income.

Then start being interested in it, the taxpeople want to know it down to the Rappen every blooming year. And when they do, they will tax you.