Switzerland’s wealthy elite reached a record 833.5 billion francs, with notable growth in the digital sector, particularly cryptocurrency. Giancarlo Devasini, a former surgeon turned crypto tycoon, has amassed a fortune of 7 to 8 billion francs through his involvement with Bitfinex and Tether. Lugano is emerging as a crypto hub, promoting Bitcoin integration into daily life. Chanel co-owner Gérard Wertheimer remains the richest individual, followed by Roche heirs and logistics magnate Klaus-Michael Kühne.
Switzerland’s Wealthy Elite: A Record-Breaking Year
Switzerland has witnessed an astonishing rise in wealth among its affluent citizens, amassing a staggering total of 833.5 billion francs. This figure represents an increase of over 38 billion francs from the previous year, surpassing the peak recorded in 2021. These insights are highlighted in the latest publication by “Bilanz,” which unveils the current standings of the wealthiest individuals in the country.
The list comprises 300 individuals and families, some of whom hold foreign passports, all boasting fortunes of at least 100 million francs. However, it is important to note that the reported total wealth may not fully capture the extent of the affluent, as not all wealthy individuals are identified, and the selection for the list is frequently updated to maintain diversity.
Giancarlo Devasini: From Surgeon to Crypto Tycoon
Among the notable newcomers is Giancarlo Devasini, a dynamic personality in the crypto world, with an estimated fortune ranging from 7 to 8 billion francs. Originating from Turin, Devasini initially pursued a career as a plastic surgeon before venturing into the cryptocurrency sector.
Since 2013, he has played a pivotal role in developing the cryptocurrency exchange Bitfinex and currently holds a significant 47 percent stake in Tether, the third-largest cryptocurrency by market capitalization. Tether claims to operate as a stablecoin backed by the dollar, generating impressive profits of over 6 billion dollars last year and an astounding 7.7 billion dollars in just nine months this year.
Despite its success, Tether has faced scrutiny, with U.S. authorities investigating potential ties to money laundering and terrorist financing. However, Tether’s CEO, Paolo Ardoino, has publicly denied these allegations, asserting that there is no active investigation against Tether.
Lugano: The Emerging Crypto Capital
In a recent revelation, “Bilanz” indicated that Devasini resides in Lugano, supported by a notarized document lodged with the commercial court in Nice in June 2023. The Lugano population office has yet to comment on this inquiry. Devasini’s potential move to Ticino aligns with Tether’s aspirations for the city, which aims to establish itself as a cryptocurrency hub, highlighted by its Bitcoin initiative, “Plan B,” announced two and a half years ago.
Plan B represents not just an alternative to the fading banking sector but also emphasizes Bitcoin’s integration into daily life. Residents can already pay taxes in Bitcoin and shop with Tether in local stores. Additionally, Lugano has introduced its own digital currency, Lvga, and the local football club, FC Lugano, proudly displays the Plan B logo on its jerseys.
Mayor Michele Foletti envisions attracting foreign companies and generating new job opportunities through this initiative, while Ardoino confidently asserts that Lugano is on track to become Europe’s crypto capital.
Digital Sector Drives Wealth Growth
The surge in cryptocurrency wealth is becoming increasingly significant on the “Bilanz” list, with the Digital category—including software, fintech, and cryptocurrencies—experiencing a remarkable 30 percent growth, reaching 38.7 billion francs since last year. However, the wealthiest individuals at the top of the list continue to derive their fortunes from more traditional sectors.
This year, Chanel co-owner Gérard Wertheimer retains his position as the richest individual, with a fortune estimated between 37 and 38 billion francs. Following him are the Roche heirs, with fortunes ranging from 28 to 29 billion francs, and logistics magnate Klaus-Michael Kühne, whose wealth stands at 27 to 28 billion francs.