The Swiss are the richest in the world

Context

In brief

• Switzerland first for gross financial wealth per capita
• Second for net wealth, behind the United States
• Global financial wealth rises to 268'400 billion

• Gross wealth per capita → 406'060 euros
• Net wealth per capita → 275'980 euros
• Global financial wealth → 268'400 billion euros
• Study → Global Wealth Report 2026, Allianz
• Compilation → end of 2025

The report's ranking

406'060 euros in gross financial assets per capita make Switzerland the richest country in the world according to the Global Wealth Report 2026. The figure, referring to the end of 2025, is equivalent to almost 384'000 francs at the current exchange rate. To read the conversion between euros and francs, comparatore CHF/EUR can be used, while keeping the original figure distinct from the conversion indicated in the source.

The top spot does not apply to net wealth, however. Once liabilities are taken into account, Switzerland drops to second place, with 275'980 euros, almost 261'000 francs per person. The net ranking is led by the United States. The difference between gross assets and net wealth explains why the international position changes when financial obligations are included in the calculation.

The report was prepared by Allianz at the end of 2025 and has reached its 17th edition. In the meantime, global financial wealth has reached 268'400 billion euros, with an increase of 8,6% in one year. The authors attribute this in part to price gains in capital markets and the advance of artificial intelligence: funds and shares thus become a decisive factor in the ownership of wealth.

“Since 2019, nominal financial wealth has grown by 50%, but in real terms, that is, net of inflation, the increase is only 23%,” says Ludovic Subran, chief economist of Allianz, quoted in a press release. In Western Europe, real wealth is just 0,5% above the 2019 level. North America and China show stronger dynamics, respectively +21% and +70%.

The composition of investments also explains the new distribution of wealth. In 2025, securities grew by 12,4%, more than twice as much as bank deposits, which rose by 5,7%, and insurance and pensions, which increased by 5%. The share of securities in global wealth thus reached a record 46,9%. The North American figure is even more pronounced: 60,7% of household portfolios is invested in securities, and the region accounted for 51,4% of global wealth growth. Over the past ten years, increases in value explained 71% of the growth in North American financial wealth, compared with 36% in Western Europe. For researchers, therefore, not only how much is saved matters, but also how savings are invested.

Operational details

Comparison with the Swiss portfolio

For those living in Switzerland, the national breakdown shows more moderate growth than the global markets, but a gradually greater presence of securities. In 2025, households' gross financial wealth increased by 4% and reached 3'600 billion euros. The pace remained below Western Europe's 4,5% and far below the global 8,6%. The comparison describes Swiss households as a whole and not the result of a single individual position.

More securities, but a share still below average

In the Swiss portfolio, securities recorded the strongest increase, at 9,7%. Bank deposits grew by 1,9%, while insurance and pensions recorded 1,1%. The share of securities rose from 30,9% to 32,6%, but remains below Western Europe's 36,8% and the global 46,9%. Insurance and pensions remain the main investment class, at 37,9%. Those who want to isolate the deposit component can examine conti bancari in Svizzera more closely, without confusing it with total financial wealth.

The destination of new investments

New investments increased by 4,8%, reaching 94,0 billion euros. The distribution was relatively even: 35,7% in securities, 34,2% in insurance and pensions, 30,2% in bank deposits. Households focused primarily on funds, with purchases of 37,7 billion euros, the second-highest figure in the historical series. The figure suggests that the allocation decision accompanies wealth growth: the amount invested is not concentrated in a single class.

The difference between nominal, real and net

Measured net of inflation, Swiss financial wealth grew by 3,9%; since 2019, the increase has been 13,3%, compared with Western Europe's 0,5%. Liabilities rose by 3,1%, to 1'200 billion euros, thus less than gross financial wealth. The ratio of liabilities to gross wealth fell from 32,3% to 32,0%, that is, about 32%, while net wealth increased by 4,5%, to 2'500 billion euros.

Taken together, these indicators show why gross, net and real wealth answer different questions: the first measures assets, the second takes obligations into account, and the third subtracts inflation. For a practical reading, the most appropriate comparison is therefore between like-for-like measures and between the structure of the Swiss portfolio and European and global benchmarks.

Key points

What to observe in 2026

The report also offers a framework for reading 2026 without mistaking a forecast for an achieved result. Analysts estimate that global financial wealth will grow by 9% in 2026. The medium-term scenario is more challenging, however: weaker economic growth, persistent inflationary pressure, increasing geopolitical fragmentation and high public debt may weigh on return prospects.

A four-step check

1. Distinguish the potential boost. Artificial intelligence may increase productivity and corporate profits, supporting capital market returns. The same dynamic, however, ties household wealth more closely to AI-driven equity markets and increases its vulnerability.

2. Measure the shock. According to calculations by Allianz, a 25% correction in the US S&P 500 index would destroy approximately 27'000 billion dollars, equivalent to 22'400 billion francs, of US household wealth in the year of the shock.

3. Compare the damage. The loss would be equivalent to almost 14% of the total net worth of US households. A decline of this magnitude would weigh on confidence and consumption and push the US economy into recession.

4. Look at ownership. Katharina Utermöhl, an Allianz specialist, notes that the decisive question is who owns the assets and participates in the returns. If value creation through AI were to pass mainly through capital, her analysis suggests that broader participation in returns and measures to support workers through the transition would be needed.

To apply this framework to a report or a wealth situation, it is useful to record assets, liabilities, the share of securities, deposits and insurance or pensions separately. The second check is to verify whether the figure is nominal or real; the third is to ask whether growth derives from new investments or from increases in value in the markets. These are exactly the distinctions the report uses to compare Switzerland, Western Europe and the global picture.

Before comparing two figures, it is also necessary to note the unit and scope: the report alternates between per-capita values, household data and global aggregates, as well as euros, francs and dollars. This note prevents placing the average figure per Swiss person and the total wealth of a region on the same footing.

This procedure does not turn the 9% estimate into a guarantee and does not eliminate the risks described by analysts. It serves to read gross, net and real figures using the same scale and to recognize how much the equity component can affect the results.

To link these indicators to earned income, use the calcolatore stipendio/imposte.

Source: tio.ch