Swiss incomes increased despite the coronavirus crisis

The 2020 coronavirus pandemic was expected to lead to a collapse in Swiss revenues. However, according to Banque Cler's Swiss Income Monitor, income has increased despite the crisis.

Thanks to the measures adopted by the Federal Council, the labor market has remained stable. The unemployment rate increased slightly from 2.3 to 3.2% in 2020. Support measures, such as partial unemployment benefits, made it possible to avoid a drop in disposable income.

Incomes have seen a notable increase, with regional differences. The canton of Valais saw its income increase by 5.3% while the cantons of Schwyz and Nidwalden recorded the largest declines.

Between 2007 and 2020, average incomes increased by CHF 7,900 in Switzerland. The canton of Zug has the highest average income (115,300 CHF), while Jura and Valais remain at the bottom of the ranking.

Despite the crisis, Switzerland has seen its number of millionaires grow significantly, reaching more than 374,000 households in 2020.