Switzerland is THE richest country in the world with a median net worth of $230,000 American Dollars per citizen… but… the country also has an extremely low home ownership rate, so what gives?We are told that buying a home is the most powerful tool that ordinary people have for building wealth and you know what this is absolutely true…. In the United States.
In the US tax laws and banking regulations are designed to be very favorable to people who own homes… whereas in Switzerland the laws are much more favorable to people who own financial assets, specifically those purchased in retirement accounts.
The Swiss have what is known as the three-pillar pension scheme.
One of those pillars is a recurring contribution of up to 25% of someone’s salary from employers into tax advantaged retirement accounts.
If you save and invest 25% of even a low income over an entire working career you are going to be very wealthy.
Despite having a similar national wage to people in the US a staggering one in ten Swiss Citizens are millionaires, and they overwhelmingly have retirement planning to thank for the honor.
#Shorts
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