The UBS Global Wealth Report 2025 confirms that Switzerland ranks—along with Luxembourg—as the country with the highest density of dollar millionaires among the 56 markets analyzed. The document explicitly notes that the highest proportion of millionaires per adult is “once again” in Switzerland and Luxembourg. In 2024, Switzerland again ranked slightly ahead of Luxembourg on that metric. However, “one millionaire per five inhabitants” is not what serious sources show. UBS and financial media that summarize the report speak of “more than one in seven adults” as the reference threshold for Switzerland (i.e., slightly above 14% of adults, not 20% of the total population). This is a very high proportion, but lower than “one in five inhabitants,” and, moreover, the correct comparison is by adults (not the entire population).
Regarding equivalized disposable income, the Federal Statistical Office (FSO) reports that Switzerland's Gini coefficient was 31.5 in 2023 (excluding imputed housing income). This level places Switzerland in the moderate inequality band within the OECD. Furthermore, the same official statistics show that 10% of residents had an equivalized disposable income of less than 26,086 Swiss francs per year in 2023, which helps to measure the low-income base in the country despite the high averages.
According to the FSO, the income poverty rate was 8.1% in 2023 (2022 income), equivalent to approximately 708,000 people. Poverty most frequently affects single-parent households, the unemployed, and the less qualified. At the same time, Switzerland maintains high median income levels compared to Europe: the FSO estimates a median equivalent disposable income of 28,247 Swiss francs for 2023 (harmonized methodology), a figure that reinforces the diagnosis of a high standard of living for the majority, although pockets of vulnerability persist. Swiss public media summarize these trends: a very wealthy country, stable poverty at around 8%, and strong differences between sociodemographic groups.
Several pillars of public policy and economic structure help explain the phenomenon: the three-pillar pension system (state AVS/AHV, mandatory professional provision, and private savings). The first two are mandatory and seek to first ensure subsistence and then maintain the standard of living in old age. This framework stabilizes income throughout the life cycle and reduces inequalities in old age. Furthermore, dual vocational training and a strong education-employment link facilitate rapid transitions to skilled employment and relatively high wages from an early age. Added to this is an open, specialized, and diversified economy (finance, pharmaceuticals, precision machinery, luxury goods), with high wages and productivity, which raise average disposable income and sustain a tax base capable of financing social safety nets.
The high density of millionaires coexists with income inequality that is contained by international standards. This suggests that, although wealth is highly concentrated, the distribution of annual disposable income—which defines daily lifestyles—remains relatively consistent after taxes and transfers. The contrast between wealth concentration and the moderate Gini coefficient of income is a pattern also recognized in the international literature: wealth inequality tends to be considerably greater than income inequality.
In conclusion, the phrase "one millionaire for every five inhabitants" does not fit the most recent and reliable figures: the correct reference is "more than one in seven adults" with assets equal to or greater than one million dollars; even so, Switzerland remains the world leader in millionaire density. In terms of income, Switzerland has moderate inequality (Gini 31.5 in 2023), low poverty rates by international standards (8.1%), and high median incomes, consistent with a decent lifestyle for the majority, although vulnerable groups persist. Structural factors include the mandatory three-pillar pension system, dual vocational training, and a high-productivity, high-wage productive structure, which together contain income inequality and raise the welfare floor.
Sources cited:
UBS – Global Wealth Report 2025: https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report.html
Swiss Federal Statistical Office (FSO) – Income and Poverty Statistics: https://www.bfs.admin.ch/bfs/en/home/statistics/economic-social-situation-population/income-consumption-wealth/income-equivalence-equivalent.html