While the United States boasts the highest number of millionaires, who account for 1.5% of the global population, it’s Switzerland that wins when it comes to money matters as 1 in 7 adults in Switzerland is a millionaire, the Business Today reported.
They prefer to distribute their wealth in different places to mitigate risks and maximize gains. The get – rich – quick mindset doesn’t have its place in this European country as they prefer long-term investment. For them, haste makes waste.
Those millionaires also owned their first homes later in life as they’d rather spend the mortgage in high-yield investment, favoring renting over buying. The Swiss keep theirspendings on high-end brands and luxury cars to a minimum and believe more in skill development. Studies showed that they spend 5-10% of their annual incomes on education (language, finance, and technology classes). Last but notleast is automatic saving. Swiss children are familiar with seeing their parents allocating a portion of the family’s incomes (20 – 30%) to their savings accounts every month.
Financial discipline, patience, and long-term mindset are clearly their strengths. The key is to stay debt-free and have a clear financial goal.
The full version is available in the 5000s magazine issue 59. Subscribe Now.
For Thailand Area
