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1 in 7 people in Switzerland is a millionaire: The number of rich people is constantly increasing all over the world. From America to India, the number of millionaires is constantly increasing. But there is a country in the world where one out of every seven people is a millionaire. This figure is five times that of America.
Businessmen in Switzerland are constantly increasing their wealth by adopting a special strategy. A local businessman has revealed and presented information about this strategy, by adopting which we can move forward on the path of wealth creation.
Seven Strategies for Wealth Creation
1. Less risk and more opportunities
In a media report, a millionaire tech businessman from Switzerland has mentioned seven strategies of the country's millionaires. The first strategy is to reduce risk and increase opportunity. Different banks have different capabilities and offerings. One bank offers good interest rates for real estate investment, while another is suitable for international business. Each bank offers unique benefits and offerings for businessmen to increase opportunity and reduce risk.
2. Less show, more work
The Swiss millionaire doesn't flaunt designer logos or exotic cars. He spends less than he can afford and invests the extra savings. That's the ultimate example of contentment. It's this attitude that has allowed him to grow his wealth.
3. Always think different and higher
Swiss investors have always had a diversified mindset. They diversify not only in assets but also in residence and citizenship. Many people have passports of other countries, they go to other countries to earn money. Which increases financial opportunities for them. Their global mindset is to increase financial security and growth potential.
4. Be patient and focus on long term investing
Swiss millionaires are not in a hurry to get rich quick. But they focus on investing with patience and a long-term perspective. They believe that wealth is not built overnight. It can be built with time and discipline. This idea has a positive impact on their net worth.
5. Prefer renting a home instead of buying one
65 percent of seniors in the US own their own home, while only 41 percent of seniors in Switzerland own their own home. Swiss millennials, in particular, prefer renting rather than buying a home. Instead of buying a home, they choose investment options that offer higher returns.
6. Automatic Savings
Swiss entrepreneurs prioritise savings in their wealth creation strategies. Here, the businessman deposits a portion of his income in automatic savings mode, which is 20-30 per cent of his earnings. This is then withdrawn and invested. This disciplined approach ensures consistent and substantial savings while increasing their wealth.
7. Investing in skill development
Education in Switzerland is not just for degrees, rather they focus on skill development enhancement. A Swiss citizen invests 5-10% of his annual income in his personal development. They acquire knowledge by investing in areas such as languages, industrial skills, financial literacy. This strategy provides an opportunity to increase their income.
