Switzerland ranks 101 in the world with the highest concentration of millionaires, with around 14.9% of its adult population being millionaires.
In Zug and Schwyz, the two wealthiest regions in Switzerland, 1 in 8 residents are millionaires, according to SonntagsBlick. This is based on income and tax payment data from the Swiss government.
The majority of Zug’s citizens and business owners are multi-national; hence, the actual number of millionaires in these two cities is far higher than those shown in the statistics.
According to the 2024 UBS Global Wealth Report, there are approximately 800,000 millionaires in a population under nine million.
What’s the secret behind the wealth in Switzerland?
1. Savings
Swiss households automatically put 20–30% of their income into savings before making purchases, adopting a methodical approach to saving before spending.
2. Personal development
In Switzerland, education is valued for the acquisition of high-value skills and just to be called college-educated. Swiss allocate 5–10% of their yearly income to personal growth, viewing technology, language, and financial literacy as long-term investments.
3. High investments
Swiss millennials prefer renting over homeownership, investing savings into high-yield assets. This mindset shift allows them to grow their wealth more aggressively than traditional homeowners, compared to the US, where 65% of adults own their homes.
4. Multi-bank use
Swiss millionaires employ a multibank approach, using international banks for investments and foreign currency, local banks for daily transactions, and private banks for individualised wealth management.
Ultimately, the country stands out not only for its overall riches but also for its financial behaviours and money management skills.
