Swiss amass wealth through savings, inheritance

Wealthy Swiss build their fortunes slowly according to the study Keystone

Wealthy Swiss amass their fortunes more often through inheritance and savings, rather than through entrepreneurship as in other countries, according to a survey by financial services provider Barclays.

Of the 100 people who took part in Switzerland, 52 per cent said the source of their wealth was inheritance and savings, while 31 per cent named entrepreneurship, the survey entitled “Wealth Insights” showed. Barclays surveyed 2,000 people with a net worth of at least CHF1.4 million ($1.5 million) in 17 countries.

In other countries, in contrast, 26 per cent of people became wealthy through inheritance and savings, whereas 40 per cent did so through entrepreneurship.

The study of so-called High Net Worth Individuals (HNWIs) also showed that entrepreneurs become wealthy more quickly than those who accumulate wealth solely through salaries, bonuses or inheritance.

On average, entrepreneurs and business owners needed about 16 years to amass their fortunes, Barclays found.

The survey showed that wealthy Swiss people needed more than 30 years to build up their wealth, whereas people in Qatar became well-to-do in less than 10 years.