Franc's rise puts Swiss top of rich list

Swiss franc's appreciation against the euro has made the average resident worth $500,000 – making Switzerland's population the world's richest
Grindelwald,  Switzerland
Grindelwald in Switzerland – the country with the world's richest residents. Photograph: Getty

The rising value of the Swiss franc has catapulted the wealth of the average person in Switzerland to more than $500,000 (£320,000) – a first for any country – making residents the richest on the planet, according to the investment bank Credit Suisse.

Swiss fortunes in 2011 have more than doubled since 2000 in dollar terms, though almost all of that gain has been due to the Swiss franc's relentless appreciation. In Swiss franc terms, however, the increase in wealth has been modest. Last month the Swiss government shocked the markets by pegging its currency to the euro to temper its overheating economy.

Credit Suisse believes that almost one in 20 of the world's 84,700 super-rich – those with assets of more than $50m each – are in Switzerland, which has a population of 7.8 million. Australia, which has also seen its currency appreciate sharply against the dollar, was second and Norway was third.

The bank's study found total global wealth rose 14% to $231tn between January 2010 and June 2011. The world's richest 1% account for 44% of global assets, while 2.2 billion adults barely speak for 1% of the world's fortune.