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  #1  
Old 27.10.2010, 16:50
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Super Rich Switzerland!!

One in ten billionaires worldwide lives in Switzerland and 210,700 people possess more than $1 million (SFr990,000)

Check this..a nice Article on rich people in Switzerland!

http://www.swissinfo.ch/eng/swiss_ne...l?cid=28643888
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Old 27.10.2010, 16:54
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Re: Super Rich Switzerland!!

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One in ten billionaires worldwide lives in Switzerland and 210,700 people possess more than $1 million (SFr990,000)

Check this..a nice Article on rich people in Switzerland!

http://www.swissinfo.ch/eng/swiss_ne...l?cid=28643888
It is certainly interesting for sure. I would be happier if they would
donate some my way.
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Old 27.10.2010, 16:58
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Re: Super Rich Switzerland!!

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One in ten billionaires worldwide lives in Switzerland and 210,700 people possess more than $1 million (SFr990,000)

Check this..a nice Article on rich people in Switzerland!

http://www.swissinfo.ch/eng/swiss_ne...l?cid=28643888

do they actually have more then $1 million or do they have paper assets (eg house) thats worth more then $1 million (and mortgaged)

there are lots of asset rich, cash poor people around.
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Old 27.10.2010, 17:06
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Re: Super Rich Switzerland!!

I don't think it has been mentioned :Cash or Non cash!
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  #5  
Old 27.10.2010, 17:18
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Re: Super Rich Switzerland!!

The most important question is weather these people actually live here or only moved their registration here to cut a tax deal... as all the race drivers and sports stars do who are travelling the world all the time anyway. I have been to apartment buildings in some of the tax efficient places in Switzerland that are literally deserted while been either rented out or sold to a lot of wealthy people... they do not really live there for sure.
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Old 27.10.2010, 17:32
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Re: Super Rich Switzerland!!

I think they also hold cash...
while in the process of trying to buy a house, you come across quite a few folks who obviously don't need a morgage to secure a 2 mil house, but can randomly walk in and put in an offer that is not backed up by banks - something that none of us could imagine doing.

And it is true, they do not live here. Stroll through Montreux on a windry evening - whole buildings are closed-up, with only one or two apartments lit and inhabited... this importing of rich folks and expats is reducing the Lavaux to a gated community, where the vignerons can't afford to live; their houses are bought and luxuriously redone, to be sold for millions to Nestlé management or very wealthy occasional vacationers.
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Old 27.10.2010, 17:33
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Re: Super Rich Switzerland!!

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I don't think it has been mentioned :Cash or Non cash!
I would say it was Vermögen as declared on every Swiss tax form. Which begs the question how do you measure wealth in countries that don't require you to declare your house, car, bank accounts, savings, cash in pocket etc. every year??
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Old 27.10.2010, 17:35
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Re: Super Rich Switzerland!!

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Which begs the question how do you measure wealth in countries that don't require you to declare your house, car, bank accounts, savings, cash in pocket etc. every year??
Size of your herd.
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Old 11.11.2010, 21:41
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Re: Super Rich Switzerland!!

Perhaps there are many.. which is probably why taxes can be lower in certain residential communes, nevertheless they are few and far between. Most people have to work very hard for a living to make ends meet to feed a family.
I'm really weary of this idea that people are all well-off or even rich.
Most regular Joe's are not
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Old 11.11.2010, 22:23
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Re: Super Rich Switzerland!!

They might reside in Switzerland, but most of them (perhaps all) are NOT Swiss!
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Old 12.11.2010, 00:21
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Re: Super Rich Switzerland!!

I read somewhere here recently that the Swiss cantons have over the years quietly dropped the inheritance taxes. That most of the newly rich people here aquired their wealth this way and that the cantons realise now that this tax was fairly painless at 10% and it would be advisable to introduce again.

These very rich people usually protest and promise to leave should the taxes be raised. Recently it came out that a small number of rich people pay around 35% of the tax burden. Well in my opinion we should call their bluff: I am sure they come here because they like it here, not just because it is cheap. And where would they go, Cayman Islands, Bermuda, Isle of Man? Not very attractive in my opinion.

There is soon going to be a referendum (28th November ?) asking for the richest people to pay a proper normal tax, as we all do. Often they negotiate a special lower rate with the local government.
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Old 12.11.2010, 03:04
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Re: Super Rich Switzerland!!

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These very rich people usually protest and promise to leave should the taxes be raised.
They will, because the rich are easily mobile and can afford to own assets in more than just one locale.

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Recently it came out that a small number of rich people pay around 35% of the tax burden.
In the US the top 20% pay for the other 80%. Already some people in the US who are mobile are considering renouncing their citizenship. I agree that the numbers are very small, but the fact that the numbers have doubled/ tripled from one year to the next is significant (Re-nouncing citizenship is a HUGE thing in my opinion). And thats just the numbers of people that have lodged the paperwork, imagine the numbers of people that have just thought about it. The US tax code is the main cause to blame.

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Well in my opinion we should call their bluff: I am sure they come here because they like it here, not just because it is cheap. And where would they go, Cayman Islands, Bermuda, Isle of Man? Not very attractive in my opinion.
You do realise that they dont physically live there the whole time. Of course in time they would shift from Switzerland and take their taxes somewhere else. This is already happening in the UK (except Isle of Man) and France.

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There is soon going to be a referendum (28th November ?) asking for the richest people to pay a proper normal tax, as we all do. Often they negotiate a special lower rate with the local government.
Let them negotiate i say. I'd rather have them declare their assets and pay some of their tax here in CH instead of trying to hire an army of lawyers and accountants and use loopholes (why do you think loopholes exist?) in an attempt to minimise their taxable income whether here or elsewhere.

My partner will be voting against that initiative and she earns nowhere near the amounts they are suggesting. But she doesnt want to pay more tax in the future as they slowly start to decrease the threshold over time or change the 'rules', which is what happens once its in place. Besides she has lived in a number of countries and has already seen the correlation between high taxes and mismanagement of taxpayers money.
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  #13  
Old 13.11.2010, 11:57
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Re: Super Rich Switzerland!!

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It is certainly interesting for sure. I would be happier if they would
donate some my way.
They do by paying taxes (if not a lot) and contributing to the local economy (sometimes also not a lot if they are out of the country often) but most often earn that money outside of the country, so they are sending some your way all of the time.
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  #14  
Old 25.04.2011, 05:22
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Re: Super Rich Switzerland!!

The magazine Bilan has a yearly issue with the 300 wealthiest Swiss residents:
http://www.bilan.ch/bilan
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Old 25.04.2011, 10:02
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Re: Super Rich Switzerland!!

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They might reside in Switzerland, but most of them (perhaps all) are NOT Swiss!
- most yes, all no. Example, the "spiritual" leader of a big political party !

- but a lot of those super-rich, possibly most, may live on CH territory, and pay taxes which is nice, but in personal reality do not live in CH .

- their fortunes distort the statistics however, as it looks as if the average CHer was fairly rich, which is complete rubbish
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Old 25.04.2011, 10:15
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Re: Super Rich Switzerland!!

A small percent, they all live in America who have the most billionaires worldwide with China close behind them!
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Old 25.04.2011, 10:35
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Re: Super Rich Switzerland!!

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A small percent, they all live in America who have the most billionaires worldwide with China close behind them!
Well if this is the case then you can expect to see them all shifting their assets soon as the US Government has introduced the FATCA (Foreign Account Tax Compliance Act).
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Old 25.04.2011, 10:49
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Re: Super Rich Switzerland!!

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A small percent, they all live in America who have the most billionaires worldwide with China close behind them!
No doubt. But exactly your comparison, comparing Switzerland with nations 100times as large, shows what we are talking about. An 8 mio people country giving residence to some 10% of that club, IS special. But again, special yes but good possibly not so much. Some less of them might be more
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Old 25.04.2011, 10:52
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Re: Super Rich Switzerland!!

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No doubt. But exactly your comparison, comparing Switzerland with nations 100times as large, shows what we are talking about. An 8 mio people country giving residence to some 10% of that club, IS special. But again, special yes but good possibly not so much. Some less of them might be more
Probably more to do with the bank secrecy laws encouraging them to stash their cash here rather than the country being special.
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Old 25.04.2011, 11:12
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Re: Super Rich Switzerland!!

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They might reside in Switzerland, but most of them (perhaps all) are NOT Swiss!
Not true, I know some of them and those are distinctly Swiss. And pretty normal.

Last edited by Kittster; 25.07.2011 at 20:02. Reason: Unnecessary detail.
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