740 people own a fifth of all wealth in Switzerland, study finds
A new study by the Boston Consulting Group (BCG), reported by Blick, has revealed that although the world’s richest have seen their numbers decline for the first time in a decade, the top 1 percent still hold a large share of global wealth. In all, they calculated that around 740 of the richest people in Switzerland own a fifth of all wealth in the alpine nation.
Switzerland's wealth grows despite global decline
The study found that net wealth in Switzerland totalled nearly 5,4 trillion US dollars at the end of 2022, an increase of 2,5 percent compared to the same time the year before. 3,4 trillion dollars were held by banks and other institutions as financial assets, while 3 trillion dollars were made up of tangible assets like businesses, housing and other investments - the country also holds debts of around 1,1 trillion dollars, which is how the 5,4 trillion number is calculated.
Switzerland's wealth growth bucks the global trend recorded by the BCG study - the value of global assets fell by 3,5 percent last year to 255 trillion dollars, a decline which was explained by fragile financial markets, especially in Western nations. The number of super-rich people (those with assets over 100 million US dollars) worldwide fell by 4.000 people to 62.000 overall, with most being based in the United States of America (22.000) and China (7.600).
Swiss super-rich own 21 percent of national assets
Of the 62.000 super-rich, only 740 chose to live in Switzerland in 2022, a decline of 3 percent compared to 2021. Nevertheless, the study concluded these 740 people own 21 percent of the country’s financial assets.
In addition, more than 580.000 people in Switzerland were recorded as having assets worth more than 1 million dollars. For comparison, Germany - a country which has nearly 10 times the population of Switzerland - only recorded 520.000 people.
In regard to why wealth continues to flow out of certain nations into Swiss coffers, the study explained that “geopolitical tensions and other macroeconomic forces have prompted many investors to move their assets” into high-stability, low-risk nations like Switzerland. They concluded that in times of crisis, the alpine nation is the most important financial centre for foreign wealth, thanks in part to its policy of neutrality and the strength of the Swiss franc.