1 in 8 people in Zug Switzerland are USD millionaires
According to the latest report of SonntagsBlick, 1 in 8 people in the two richest cantons of Switzerland – Zug, and Schwyz is a millionaire. The SonntagBlick report is written based on Swiss government data, including figures relating to tax payments and income. In fact, the number of millionaires in these two richest cities in Switzerland is much more than the statistics because most of the entrepreneurs and residents in Zug have many nationalities.
According to the same report, SonntagBlick emphasizes that Zug’s wealth is superior to that of other cities such as Zurich and Geneva (Bloomberg, April 2021).
Commenting on this report, Christoph Schaltegger, a professor of political economy at the University of Lucerne, said that tax competition has helped increase the investment index and increase the number of millionaires and billionaires in Zug and Schwyz, this is a good sign!
On a Swiss-wide scale, the number of millionaires per 1000 taxpayers is 62 (2021) and this number is significantly higher than in 1969 when there were only 11 millionaires per 1000 people.
Source: Bloomberg, 2021