We recently compiled a detailed report on the 30 Wealthiest People in Switzerland. But in this article, we will look at the wealthiest person in Switzerland and take an overview of the country’s economy.
Overview of Switzerland’s Economy
Switzerland ranks among the top economies by GDP per capita ranking in the world, standing at $92,000 as of 2022. The country remained resilient during the uncertainties of the pandemic, geopolitical tensions, and shifts in the energy marks across the globe. Inflation and unemployment in the country are low, with its residents boasting some of the highest living standards among OECD countries. This is primarily due to the country’s skilled workforce and market-based economy.
According to estimates by the International Monetary Fund (IMF)’s World Economic Outlook released in April 2024, the country’s real GDP growth per annum stands at 1.3% as of 2024, with a GDP of $938.46 billion. With a 1.5% inflation rate and a 2.3% unemployment rate, Switzerland ranks among some of the most prosperous nations in the world. According to the latest OECD Economic Survey of Switzerland, the gross domestic product growth in the country is expected to remain moderate in 2024 at 0.9%, before eventually increasing to 1.4% in 2025.
Although inflation is presently down in the country, especially when compared to 2022 levels, it is anticipated to rise during 2024, driven primarily due to hikes in electricity and rent prices, along with fluctuations in value-added tax rates. However, inflation is expected to decline in early 2025 after this temporary hike. Switzerland’s fiscal position is also strong, driven by its strong fiscal framework. The country has a public debt-to-GDP ratio of 37% as of 2023, which is low when compared to international standards. You can also look at 12 Cheapest Places to Retire in Switzerland.
Switzerland’s Banking and Finance Sector
Switzerland’s banking and finance sector makes it a leader in the domain. According to the latest study by BAK Economics, the financial sector makes up for 5.4% of the total jobs in the country, which translates to around 234,600 positions. It also accounts for 9.3% of the gross value added in the country, coming up to around CHF 70.9 billion. 7.6% of Switzerland’s public revenue comes from banks and insurers, which translates to approximately CHF 7.8 billion. Several other industries also benefit from Switzerland’s banking sector, primarily due to its demand for upstream services such as consulting, employee consumer spending, and IT. The industry employed around 213,600 employees from industries outside the financial sector, bringing in CHF 30.2 billion in additional value. This comes up to around 91 extra employment positions in other industries for every 100 jobs in the financial sector. All in all, the industry resulted in a gross value addition of CHF 101.1 billion in 2022, driven by a total workforce of around 448,200 people.
Estimates by the Swiss Banking Outlook survey published by the Swiss Bankers Association (SBA) show positive and improving economic circumstances for Swiss banks in 2024. The survey predicts a growth of 1.5% in 2024, with inflation standing at 1.6%. The interest margins and stock markets are also likely to exhibit positive trends. These positive trends are driven by prosperous banks in the country, such as UBS Group AG (NYSE:UBS), which is one of the largest banks in Switzerland. Headquartered in Zürich, the institution boasts a prominent position in all the major financial centers across the globe and is considered the largest private bank in the world.
UBS Group AG (NYSE:UBS) recently digested one of the largest acquisitions in the banking industry with its takeover of Credit Suisse AG, in 2023. The historic deal gave the bank a balance sheet two times larger than the size of the Swiss economy, quickly obliterating one of the two domestic giants in the Swiss banking industry. While numerous technical challenges related to the acquisition remain, UBS has successfully completed the initial stages of the merger, allowing the bank’s stock price to recover. Although the bank’s IT integration process is underway, the acquisition has made history in the country’s finance and banking industry.
Apart from this acquisition, UBS Group AG (NYSE:UBS) has also been integrating Artificial Intelligence into its services to remain on top of the changing industry trends. The bank went live with its pilot for instant credit in 2023, focusing on small and mid-sized companies that often require urgent liquidity. This AI-infused pilot holds the power to traditional credit officers, expediting and streamlining the otherwise tedious process for standard credit products. According to the Swiss bank, this pilot is only the first of the many AI-integrated advancements under focus by the bank.
UBS Group AG (NYSE:UBS) also releases annual wealth reports, highlighting global wealth trends. In the annual UBS Global Wealth Report 2023, Switzerland held the top spot with the average wealth of a Swiss adult coming up to $709,612. The report also showed that global wealth grew by 4.2% in US dollar terms across all wealth segments around the world in 2023. It fell by 3% in 2022, primarily because of dollar strength and volatile currency effects. The changed 2024 trend arose amid declining inflation, with experts at the Swiss bank expecting a continuing trend of the rise of individuals into higher wealth brackets across the globe in the long term.
Now that we have taken an overview of the Swiss economy, let’s look at the wealthiest person in Switzerland. You can also look at 30 Wealthiest People in Australia and 30 Wealthiest People in Brazil.
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Our Methodology
In order to compile a list of the 30 wealthiest people in Switzerland, we utilized the real-time billionaires data from Forbes and ranked the wealthiest people in Switzerland in ascending order of their real-time net worths as of 10th July, 2024.
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The Wealthiest Person in Switzerland
1. Gianluigi Aponte
Real Time Net Worth as of 10th July, 2024: $35.2 billion
Gianluigi Aponte ranks first on our list of the 30 wealthiest people in Switzerland with a net worth of $35.2 billion as of 10th July, 2024. He is the founder, owner, and chairman of the Mediterranean Shipping Company (MSC), the largest shipping line in the world. He and his wife Rafaela Aponte each own a 50% stake in the company. Gianluigi Aponte entered the shipping industry hand in hand with his wife when the duo purchased a single vessel shipping cargo between Africa and Europe. The company expanded over the years, eventually becoming the largest in the world. Based in Geneva, the Mediterranean Shipping Company operates a giant fleet of around 700 vessels.
Interested in learning which other people are considered the richest in Switzerland? Read our detailed report on 30 Wealthiest People in Switzerland to find out.
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