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Today in Switzerland For Members

Today in Switzerland: A roundup of the latest news on Wednesday

Helena Bachmann in Geneva
Helena Bachmann in Geneva - [email protected] • 21 Sep, 2022 Updated Wed 21 Sep 2022 08:03 CEST
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Geneva is home to the largest number of wealthy individuals in Switzerland. Photo by Philipp Potocnik on Unsplash

MPs debate drop in purchasing power, Swiss economic forecast is deteriorating, and other news in our roundup on Wednesday.

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MPs to debate decline in purchasing power

Starting today, the National Council deputies will focus on ways to increase the purchasing power of Swiss consumers, which has dropped in the past few months.

All parties are expected to put forth their proposals on how to adopt the costs of old-age pensions and healthcare to inflation.

The latter is an urgent issue in Switzerland, as the cost of health system has risen significantly in recent years, with further spikes, including in insurance premiums, seen as inevitable.

READ MORE: EXPLAINED: How Switzerland wants to cut soaring healthcare costs
 

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Government predicts economic slowdown

Even though Switzerland’s economy has remained robust despite the inflation, it is expected to slow down amid  the European and global crisis, according to the State Secretariat for Economic Affairs (SECO).  

While “favourable employment data should continue to prop up consumer spending, given that inflation in Switzerland remains modest by international standards, the challenging international environment is likely to exert increasing pressure on export-oriented industries", SECO said in a press release.

For this reason, Swiss economic growth is expected to lose itsmomentum, SECO said, with the “general state of the Swiss economy dependng largely on how the situation evolves in the global economy and in regard to energy supplies".

Swiss cities a magnet for super wealthy

Geneva and Zurich are among 20 world cities where the greatest number of millionaires and billionaires currently reside.

According to new data from Henley & Partners, Geneva, which ranks ninth, is home to over 90,700 millionaires and 16 billionaires. In Zurich, which ranks in the 13th place, there are 105,100 millionaires and 12 billionaires.

While not yet on the list, Lugano is emerging among “the fastest growing cities for millionaires”, the survey shows.

READ MORE: This is how many millionaires live in Switzerland

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Switzerland is a third-world country, according to Donald Trump

After watching footage of Queen Elizabeth’s funeral, the former US president posted on social media that the current president, Joe Biden and his wife Jill, were not seated in prime spots at the Westminster Abbey, but were placed next to “leaders of third-world countries”.

The photo taken at the ceremony shows the Bidens sitting next to…Swiss President Ignazio Cassis.

“If I were president, they wouldn't have sat me back there”, Trump, who was not invited to attend the funeral, bragged.

So far, Switzerland has not responded to Trump’s post, preferring to remain neutral instead.

 

If you have any questions about life in Switzerland, ideas for articles or news tips for The Local, please get in touch with us at [email protected]

 

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Helena Bachmann in Geneva 2022/09/21 08:03

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