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This is entirely due to their banking sector and not at all to entrepreneurship or innovation.

inter_netuser 5y ago
3rd most globally competitive economy in the world. Sure, yeah. no innovation at all at Sandoz, Nestle, Novartis and Roche, and ~200 other companies in life sciences and another 300 in precision manufacturing. Zero.
- durnygbur 5y ago
  Many are simply legal predators using their enormous funds for legal lobbying. Selling repackaged water, sweetened water, sparkling sweetened water, coloured sweetened water.
eertami 5y ago
Interesting, because this sounds like wild speculation - yet you've stated it as if it is a cold hard fact. Do you have any sources or statistics to back this up? In 2018 the Swiss financial sector accounted for 9.1% of GDP. For comparison, in 2018 the US financial sector accounted for 7.4% of US GDP. To claim that it is _entirely_ banking is just plain wrong. To insinuate that there is no innovation elsewhere, (but there sure is in good ol' America), is just insulting. >Financial markets in the United States ... In 2018, finance and insurance represented 7.4 percent (or $1.5 trillion) of U.S. gross domestic product[0] >Switzerland’s financial sector ... as a share of gross domestic product (GDP). In 2018, it represented 9.1%[1] [0]: https://www.selectusa.gov/financial-services-industry-united-states https://www.selectusa.gov/financial-services-industry-united... [1]: https://www.swissinfo.ch/eng/gdp_switzerland-s-financial-sector-losing-importance/44865968 https://www.swissinfo.ch/eng/gdp_switzerland-s-financial-sec...
- loeg 5y ago
  Somewhat more true of Luxembourg than of Switzerland. > Luxembourg remains a financial powerhouse – the financial sector accounts for more than 35% of GDP - because of the exponential growth of the investment fund sector through the launch and development of cross-border funds (UCITS) in the 1990s. Luxembourg is the world’s second-largest investment fund asset domicile, after the US, with $4 trillion of assets in custody in financial institutions. https://www.cia.gov/the-world-factbook/countries/luxembourg/#economy https://www.cia.gov/the-world-factbook/countries/luxembourg/... (2020)
  - inter_netuser 5y ago
    Sweden, Denmark, Finland and Iceland apparently all have higher median annual incomes than the US. Why is it that nice places to live have such horrible weather?
    - guythedudebro 5y ago
      Bad weather incentivizes industriousness
      - inter_netuser 5y ago
        Strong argument against global warming?
Valkhyr 5y ago
I don't know if this statement is true or not. But let's assume it is: what does it matter to the Swiss people enjoying a good life?

3rd most globally competitive economy in the world. Sure, yeah. no innovation at all at Sandoz, Nestle, Novartis and Roche, and ~200 other companies in life sciences and another 300 in precision manufacturing. Zero.

durnygbur 5y ago
Many are simply legal predators using their enormous funds for legal lobbying. Selling repackaged water, sweetened water, sparkling sweetened water, coloured sweetened water.

eertami 5y ago

Interesting, because this sounds like wild speculation - yet you've stated it as if it is a cold hard fact. Do you have any sources or statistics to back this up? In 2018 the Swiss financial sector accounted for 9.1% of GDP. For comparison, in 2018 the US financial sector accounted for 7.4% of US GDP. To claim that it is _entirely_ banking is just plain wrong. To insinuate that there is no innovation elsewhere, (but there sure is in good ol' America), is just insulting. >Financial markets in the United States ... In 2018, finance and insurance represented 7.4 percent (or $1.5 trillion) of U.S. gross domestic product[0] >Switzerland’s financial sector ... as a share of gross domestic product (GDP). In 2018, it represented 9.1%[1] [0]: https://www.selectusa.gov/financial-services-industry-united-states https://www.selectusa.gov/financial-services-industry-united... [1]: https://www.swissinfo.ch/eng/gdp_switzerland-s-financial-sector-losing-importance/44865968 https://www.swissinfo.ch/eng/gdp_switzerland-s-financial-sec...

loeg 5y ago
Somewhat more true of Luxembourg than of Switzerland. > Luxembourg remains a financial powerhouse – the financial sector accounts for more than 35% of GDP - because of the exponential growth of the investment fund sector through the launch and development of cross-border funds (UCITS) in the 1990s. Luxembourg is the world’s second-largest investment fund asset domicile, after the US, with $4 trillion of assets in custody in financial institutions. https://www.cia.gov/the-world-factbook/countries/luxembourg/#economy https://www.cia.gov/the-world-factbook/countries/luxembourg/... (2020)
- inter_netuser 5y ago
  Sweden, Denmark, Finland and Iceland apparently all have higher median annual incomes than the US. Why is it that nice places to live have such horrible weather?
  - guythedudebro 5y ago
    Bad weather incentivizes industriousness
    - inter_netuser 5y ago
      Strong argument against global warming?

Valkhyr 5y ago

I don't know if this statement is true or not. But let's assume it is: what does it matter to the Swiss people enjoying a good life?