Do you know why 1 in 7 adults in Switzerland is a millionaire? Here's their money making secret

One in 7 adults in Switzerland is a millionaire, which is five times higher than in the US. So what is their wealth-building secret? An ed-tech entrepreneur recently shared seven strategies that Swiss millionaires use to achieve and maintain their wealth. Here's what he found. 

1. Mitigating risks and maximising chances
Swiss millionaires understand that different banks have different strengths and offerings. For instance, one bank might offer better rates for real estate investments, while another excels in international trade. They leverage each bank's unique advantages to maximize opportunities and mitigate risks.

2. No designer logos, exotic cars
You won't see Swiss millionaires flaunting designer logos or exotic cars. They live below their means and reinvest the difference. It's not about deprivation; it's about delayed gratification. This disciplined approach allows their wealth to grow steadily over time.

3. Diversification
Swiss investors think beyond borders. They diversify not just in assets but also in residency and citizenship. Many hold second passports or residencies in other countries, which opens up more financial opportunities and tax optimizations. This global mindset enhances their financial security and growth potential.

4. Patience and a long-term mindset
Swiss millionaires are not after get-rich-quick schemes. They are building generational wealth with patience and a long-term perspective. True wealth isn't about making money quickly; it's about keeping and growing it sustainably over time.

5. Renting over buying homes
Unlike in the US, where 65% of adults own homes, only 41% of Swiss adults are homeowners. Swiss millennials, in particular, favor renting over buying homes. The money saved from not purchasing homes is channeled into high-yield investments, enabling them to accumulate wealth faster than through traditional homeownership.

6. Automating savings
Swiss families prioritize savings by automatically allocating a portion of their income—typically 20-30%—before spending on anything else. This disciplined approach ensures consistent and substantial savings over time.

7. Investing in skills
Education in Switzerland is valued not just for degrees but for skill development. Swiss individuals invest 5-10% of their annual income in personal growth, particularly in languages, technology, and financial literacy. These high-value skills offer substantial long-term benefits.

The Swiss approach to wealth-building revolves around automating savings, living below one's means, investing in high-value skills, thinking long-term and globally, and diversifying across banks and borders. The path to wealth is a marathon, and the Swiss are masters at running it with patience and precision. By adopting these strategies, you can enhance your own wealth-building journey and achieve financial success.