“Swiss” Billionaires Have Lost $60 Billion


Just because they live in a haven for secret financial dealings doesn’t mean Swiss residents are immune from financial collapse. Together, the rich of that country—and the people who live there because of the, errr, natural beauty—are down $60 billion over the past year.

Bilanz (the Forbes of Switzerland) via AP:

The 300 richest Swiss residents — half of whom are foreigners — together lost 70 billion francs ($58.5 billion) last year. Their combined wealth is now 459 billion francs ($383.4 billion).

One of the biggest losers is a Russian, Viktor Vekselberg, whose fortune from oil and metals, is down 3 billion francs ($2.5 billion).