Is Switzerland one of the richest country in the world? (2024)

Is Switzerland one of the richest country in the world?

According to the 2022 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes the mean average wealth per adult at a whopping $700,000.

A report by Credit Suisse in 2020 found Switzerland had the highest wealth per adult in the world. In total, 800,000 millionaires reside in a country of fewer than nine million people. Most remarkably, the report found that Switzerland accounts for 1.7% of the world's wealthiest 1% of people.

Switzerland is one of the world's wealthiest countries, with a GDP per capita that outstrips that of other major economies, like the U.S., Japan and Germany. It is also home to some of the richest citizens in the world, with a mean wealth of $696,604 per adult — and a steep cost-of-living to match.

Switzerland has chosen a high-value, premium approach to the world economy, eschewing the trend of other major industrialized nations to compete with low-cost countries and favoring industries where innovation, research and skilled labor are key drivers.

The Statistical Office defines the majority of the population as neither rich nor poor: 57.5% fall under the category of middle income , which it defines as households with a gross income of between 70% and 150% of the median income.

Additionally, Switzerland is known for its high-quality chocolate and cheese, which are both major exports and contribute to the country's wealth. Switzerland has a low unemployment rate, which helps to maintain economic stability and prosperity.

The United States of America

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023.

What is Switzerland famous for?

Switzerland is famous for its mountains, clocks and its food – especially cheese and chocolates. It's a fantastic place for winter sports. The British Royals love to snowboard in Klosters while skiing in Zermatt gives you fantastic views of the iconic Matterhorn mountain.

Q: Why is Switzerland considered the best country in the world? A: Switzerland is often ranked highly due to its exceptional standard of living, high-quality education system, robust healthcare system, efficient public services, stable economy, rich history, vibrant cultural scene, and stunning natural landscapes.

The cost of living in Switzerland is generally high, reflecting the country's high standard of living and quality of life. Switzerland's monthly expenses encompass various aspects, including housing, transportation, healthcare, education, and daily essentials.

The healthcare in Switzerland is universal and is regulated by the Swiss Federal Law on Health Insurance. There are no free state-provided health services, but private health insurance is compulsory for all persons residing in Switzerland (within three months of taking up residence or being born in the country).

English is the most commonly spoken non-national language in Switzerland. It is regularly spoken by 45 percent of the population in Switzerland although it is more prevalent in German parts of the country than French and Italian. It is also more widely spoken in Switzerland's big cities such as Geneva and Zurich.

To be considered a member of the richest 1 percent in Switzerland, as of the end of 2022 you need to have a total wealth of 6,6 million US dollars - or 5,9 million Swiss francs.

In 2021, this affected 5.2% of the population in Switzerland, or around 448 000 people. The poverty rate with 8.7% was almost at the same level as before the COVID-19 pandemic. Nevertheless, the overall standard of living in Switzerland still remains one of the highest in Europe.

Winners and losers. By region, the US still has the most billionaires with 735 super-rich, up 1.5% year-on-year. China follows with 540 billionaires but saw a 13.7% drop in numbers. Switzerland has 41 billionaires (2.5%).

Swiss people earn USD 64 824 per year on average, much more than the OECD average of USD 49 165 and one of the highest in the OECD.

The minimum wage in Switzerland. You might be surprised to learn that there is no nationwide minimum wage in Switzerland. In 2014, Swiss voters rejected a measure to introduce what would have been the highest minimum wage in the world – CHF 22 per hour or CHF 4,000 a month.

How many millionaires are in Switzerland?

Switzerland Wealth by the Numbers

Switzerland is home to roughly 40 billionaires and 1,152,000 millionaires. The number of millionaires in Switzerland will increase 38% by 2026 (from 2021), adding 439,000.

Switzerland is famous for its long-standing political neutrality, economic stability and superior craftsmanship of luxury goods. These have naturally all contributed to the affluence and security enjoyed by many residing in Switzerland today.

The United States leads the world in the number of millionaires, with an estimated 24,480 individuals boasting a net worth of at least one million dollars. This high number reflects the country's robust economy, strong entrepreneurial spirit, and the widespread opportunities available for wealth generation.

Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. It is a major center for large private banking, and its finance sector is the biggest contributor to its economy.