Switzerland's richest get richer to reach record wealth high
The 300 richest people or families in Switzerland have seen their wealth grow by CHF 1.7 billion in the past year.
Together they have assets of more than CHF 675 billion – a figure which is said to be a new record high.
This CHF 1.7 billion represents an increase of 0.2 percent, down from the average annual growth over the last ten years since the financial crisis of 5.3 percent (or CHF 28 billion) according to a report from business magazine Bilanz.
Wealth of Switzerland's richest from 1999 to 2018 in billions of Swiss francs. Graph: Bilanz Magazine
The ten richest on the list have assets totalling more than CHF203 billion. This means that the list’s top 3 percent holds roughly 33percent (one third) of the 300’s total wealth.
Since 1989, the wealth of Switzerland’s richest has grown at a rate three times faster than the country’s gross domestic product.
To be named among Switzerland’s richest, a fortune of CHF 100 million is required. In the last year, 15 new people or families have made the list.
Topping the rich list is Ikea family Kampard, who have held first place for the last 17 years. Founder Ingvar Kamprad died in January this year but passed on his assets to his sons.
READ MORE: Surprise as Switzerland's economy stumbles in third quarter
If the assets of the richest were divided among Switzerland’s population, every inhabitant would receive a cash injection of nearly CHF 80,000.
Canton Vaud is currently home to Switzerland’s richest with assets of CHF 50.5 billion, followed by Basel (CHF 25.5 billion) and Saint Gallen (CHF 21.5 billion).
Bilanz suggests that the growth of CHF 1.7 billion is surprising and possibly should be higher; citing the stability of the global economy, the booming art and real estate industries, and the increased demand for luxury items.
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Together they have assets of more than CHF 675 billion – a figure which is said to be a new record high.
This CHF 1.7 billion represents an increase of 0.2 percent, down from the average annual growth over the last ten years since the financial crisis of 5.3 percent (or CHF 28 billion) according to a report from business magazine Bilanz.
Wealth of Switzerland's richest from 1999 to 2018 in billions of Swiss francs. Graph: Bilanz Magazine
The ten richest on the list have assets totalling more than CHF203 billion. This means that the list’s top 3 percent holds roughly 33percent (one third) of the 300’s total wealth.
Since 1989, the wealth of Switzerland’s richest has grown at a rate three times faster than the country’s gross domestic product.
To be named among Switzerland’s richest, a fortune of CHF 100 million is required. In the last year, 15 new people or families have made the list.
Topping the rich list is Ikea family Kampard, who have held first place for the last 17 years. Founder Ingvar Kamprad died in January this year but passed on his assets to his sons.
READ MORE: Surprise as Switzerland's economy stumbles in third quarter
If the assets of the richest were divided among Switzerland’s population, every inhabitant would receive a cash injection of nearly CHF 80,000.
Canton Vaud is currently home to Switzerland’s richest with assets of CHF 50.5 billion, followed by Basel (CHF 25.5 billion) and Saint Gallen (CHF 21.5 billion).
Bilanz suggests that the growth of CHF 1.7 billion is surprising and possibly should be higher; citing the stability of the global economy, the booming art and real estate industries, and the increased demand for luxury items.
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