The Swiss Times - Swiss News in English

Asset imbalance remained unchanged in the pandemic year 2020

Wealth inequality in Switzerland remained largely unchanged in 2020, the year of the pandemic. Moreover, in the first year of the pandemic, less consumption did not lead to more savings, nor did wealth shrink due to the loss of income.

Two concerns that arose during the pandemic do not appear to have been confirmed for the time being, the Federal Tax Administration (FTA) wrote in a report published on Friday. However, evaluations in subsequent years will have to show whether the concerns at the time were actually unfounded.

On the other hand, wealth inequality in the country remained largely unchanged in 2020 according to estimates based on new data, as the FTA noted. This marks the end of a long-term trend for the time being. Since the end of the financial crisis, the proportion of assets held by the top one percent of taxpayers has risen steadily.

While the top one percent of wealthy individuals held 38.0 percent of all assets in the country in 2005, this figure rose to 44.8 percent in 2020. There were slowdowns in 2008 - in connection with the financial crisis - and in 2020. The wealthiest ten percent of taxpayers together hold 77.8 percent of all declared net assets.

©Keystone/SDA

Most Read

Sunday, February 11 – Round Up

11 February 2024
ZHdK's turmoil, dormant pension assets, and innovative solutions to the housing crisis. Stay informed with Sunday's top stories.

ETH President Highlights Financial Strain Despite Federal Savings Plan

11 February 2024
ETH President Mesot contradicts the Federal Council's plan to cut CHF 50 million from ETH Zurich, emphasizing the importance of reserves.

Swiss Production Sees Q4 Downturn Despite Sales Uptick

16 February 2024
Swiss production
Swiss production falls in Q4, challenging industry but with a rise in sales, showcasing sector resilience amidst economic complexities.

Temenos: Accounting Irregularities & Failed Products

16 February 2024
Temenos' journey through innovation, financial challenges, and accusations.

Stay in Touch!

Noteworthy

Zurich Commercial Court Summarizes Investor Lawsuits Regarding UBS/CS Merger
18 February 2024
Swiss security
Swiss Security Chief: “We Have to be Prepared for War”
18 February 2024