The release of the annual 'rich list' published by economics magazine, Bilanz, in Switzerland has revealed that even the low-tax country's wealthiest residents have been affected by the global economic downturn - but not by much.
According to Bilanz, the 300 richest Swiss citizens are poorer by around SFr30 billion ($18 billion) this year as a result of the collapse of the technology bubble and falling investments in the wake of the September 11th attacks. However in general, the figures revealed, Swiss high net worth families and individuals have weathered the storm well.
Top of the list, with a fortune estimated at around SFr14 billion, is the chief of the bio-tech company Serono, Ernesto Bertarelli.
According to the Bilanz survey, the 300 most wealthy citizens in Switzerland still control more than 20% of the country's wealth, a fact which Gerd Lohrer, the editor of the magazine sees as problematic for a democratic country.
'If you have 3% of the population with the same amount as the other 97% I think you have a problem,' he explained. 'There is only so much inequality a democratic society can take.'
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