Switzerland: I Bet You Don’t Know This

Switzerland, being one of the richest countries in the world with a population of 8.5 million people and an astonishing per capita income greater than $80,000, is known for its precision and quality of work. It is the one of the top countries investing in research and development. It has highest patents per capita and highest Nobel Prizes (27) per capita in its name. Switzerland focuses on premium quality and durable products with focusing on attention to detail. You eat a world class natural chocolate or you wear a luxurious watch, it’s Swiss. It also exports premium agriculture and pharmaceutical products.

Switzerland is not blessed when it comes to its geographical location. It has little access to natural resources like oil, gas and coal. Furthermore, the country doesn’t have a plain terrain which makes it infrastructure, roads and bridges much expensive, topped up with the expensive labor cost. Also, this country has very limited access to sea but still outperform many countries in economic and financial aspects.

Switzerland not only provide high quality superior products, but its banking facilities and reputation are far more trustable that any other thing. It has got a great reputation in international finances. There are some claims (though they lack credibility) that determine the current position of Switzerland. The country started picking up during World War II, when the entire Europe was fighting the world, it decided to stay back and take part indirectly by providing the weapons to those who want to fight and giving the best financial services to keep the wealth of those fighting the war safe. Many Nazis (who stole the gold from entire world), Jews and other rich people stored their gold to Swiss Banks. Years later those banks accounts were forgotten and no claims were made. But this still remain ambiguous that how much these accounts contribute to the growth of the country.

Being a service driven free market capitalistic economy which prefer the products made by their own people rather that cheap imports. They focus on investing in their people and thus have a high skilled labor force that led to the premium brands like Rolex, Nestle, Omega, Zurich and many more. Stability in government and public trust in the government policies contributed towards its growth. Swiss people have a tendency to save more because of the bad employment protection. So, one thing to learn from Swiss people is that they work very hard, spend a little and save a lot.

Switzerland is famous for its banking secrecy principles. Banks are more than diamond mines for Switzerland. The entire world shows its faith in its secrecy principles. Disclosing the client’s information was a civil offence but later it was made a criminal offence in 1934 under the Federal Acts of Bank. The Swiss banking lockers were considered as the safest place for your wealth. But under the Banking Section it was considered as the most corrupt country in 2018 because of its secrecy principles that led the way of money launders and other business scammers to park their money in the Swizz Bank.

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Published by Vanshaj Bindlish

Writing about the stuff that I consider worth sharing with you.

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