Why is switzerland so rich

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english swissinfo. This content was published on Jul 4, Jul 4, Is that really true? This content was published on Jun 20, Jun 20, Switzerland is home to the fourth-largest number of dollar millionaire households, according to a report by the Boston Consultancy Group BCG. This content was published on Apr 23, Apr 23, The few rich and the many poor: Swiss wealth inequalities just got pinned down on a map.

You can Login or register here. Your web browser is outdated. Please use a modern web browser for a better experience. Chrome Firefox Edge. Can most people in Switzerland afford diamond rings, fur coats and holidaying in St. External Content. End of insertion. More More. Heard something about Switzerland we should fact check? Why Switzerland is struggling to guarantee pensions for the next generation Switzerland faces a unique obstacle when it comes to preventing the pension system from collapsing with time.

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Read more More More. Your questions about the cost of living in Switzerland — answered! Fact check: Lonely guinea pigs and other quirky Swiss rumours This content was published on Jul 4, Jul 4, Is that really true? Herein perhaps lies one of the top reasons behind Swiss wealth — an ability to take raw products and turn them into something incredibly valuable, be that luxury chocolates, a beautiful diamond bracelet or a complicated new drug. For instance, take a look at some of the incredible things that the Swiss have given us over the years.

It points to a willingness, and capability, to try out new approaches and end up producing high-quality goods. The Swiss national temperament, although said to be cold and distant , is also renowned for its calm efficiency, and just like the train system, they get things done.

What lies behind this is a strong focus on education and technological innovation, and, of course, favourable tax rates. All of this attracts businesses to Switzerland, as well as some of the brightest minds who in return furnish us with some nifty stuff. We and our partners use cookies to better understand your needs, improve performance and provide you with personalised content and advertisements.

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Though multinationals are concentrated in big cities, the economy is as decentralised as the political system. Travelling southwest from Zurich to Geneva recently, I was struck by how many iconic Swiss exports also originate in its provinces — Swiss Army knives from Schwyz, watches from Bern, St Bernard puppies from a mountain pass in Valais. Though the Swiss franc has been rising steadily in recent years, it has not undercut exports from Switzerland, one of the few rich countries that continues to expand its share of global exports.

Such is the Swiss reputation for excellence, customers readily pay more for its goods. And resilient demand, in turn, helps explain why the economy is so stable. Switzerland has not been hit by a domestic financial crisis since the s, while the Scandinavian countries were wracked by crises in the s and suffered much sharper downturns than Switzerland following the global crisis of No paradise is perfect.

For all its local charms, Switzerland is worldly in the extreme. The Swiss are a polyglot mix of German, French and Italian speakers, many intimidatingly fluent in multiple languages. The foreign born population has been rising for more than a century and accounts for a quarter of the whole, nearly half non-European. Switzerland has been welcoming more immigrants than any Scandinavian country since the s. It filters immigrants to fill jobs, not unite families or meet humanitarian needs, but so do Australia and Canada, and they are widely admired models of how rich economies can employ immigrants to plug holes in ageing domestic work forces.

The Swiss labour force gets an added boost from a meritocratic public school system that starts steering students as young as 12 toward their academic strengths.

Diehard admirers of Scandinavian socialism overlook the change of heart in countries such as Sweden, where heavy government spending led to the financial crises of the s. Growth revived, as the largest Scandinavian economy started to look more like Switzerland, streamlining government and leaving business more room to grow.

The real lesson of Swiss success is that the stark choice offered by many politicians — between private enterprise and social welfare — is a false one.