Millionaire Households: 330,000
Ultra High Net Worth Households: 352
GDP (millions of USD): 523,772 (19th highest)
Switzerland has a highly developed services sector which benefits its economy greatly. Nearly 10% of households in the country have $1 million or more, more than double that of the United States. The country is a major center for financial services and is home to firms such as UBS, the world’s second largest manager of private wealth assets. Other big employers include Novartis and Nestle. Switzerland has been an attractive destination for wealthy individuals, partly because foreigners did not need to declare their incomes or assets. In 2009, this rule was overturned. This may cause many millionaires, such as French singer Johnny Hallyday, who moved to Switzerland in 2006 to avoid French taxes, to leave the country.
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