Switzerland is experiencing a surge in wealthy migrants, with an estimated 1,500 millionaires relocating by year-end, driven by geopolitical instability and tax changes in their home countries. The Alpine nation remains a favored destination due to its stable governance, scenic landscapes, and attractive tax incentives, despite increasing competition from countries like the UAE and Portugal. However, recent calls for higher taxes on the wealthy could threaten its appeal.
Gérard Wertheimer, co-owner of Chanel, remains the richest person in Switzerland with a fortune of CHF37 billion, despite a decline due to a slowdown in the luxury sector. The Hoffmann, Oeri, and Duschmalé family follows in second place with CHF28-29 billion, while Klaus-Michael Kühne ranks third with CHF27-28 billion. The Blocher family has seen their wealth grow to CHF15-16 billion, and Guillaume Pousaz rounds out the top ten with CHF14-15 billion.
Luxury fashion brands like Chanel and Prada are facing scrutiny as prices soar, with high-end handbags now costing twice as much as they did eight years ago. This raises questions about the sustainability of such extravagant spending in today's market. Who continues to invest in these luxury items?
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