130 Swiss millionaires kicked out from their homes in Zurich

Economy Nilgun Salim
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Nearly 130 Swiss millionaires will be kicked out from their social housings from Zurich.

The Swiss capital is currently ranked as No.3 when it comes to the cities with the largest density of millionaires in the world.

The access to social housing will be granted only to those who earn less than 200.000 euros per year or 16.600 euros per year.

During the recent years, the local government has provided 9.000 of these houses, given that the Swiss economic capital has only 400.000 inhabitants.

Currently, the Swiss municipality is urging all real estate developers to rent one-third of the social homes to low-income people.

The city with the largest percentage of millionaires is Monaco – 29.2%, followed by Zurich – 27.3% and Geneva – 17.9%.

The fourth and fifth place is occupied by New York (4.63%) and Frankfurt (3.88%).

London is the 6th, with 281,000 millionaires.

These millionaires are defined as those who have a fortune of over $ 1 million.

“A friendly tax climate and advantageous location are important factors to attract millionaires. The two Zurich and Geneva financial centers represent a paradise for private investors”, says an analyst from WealthInsight.