Switzerland economy: Switzerland, renowned for its winter tourism and serene mountains, is ranked among world's top 10 richest countries. Surprisingly though, unlike other wealthy nations, Switzerland has no oil, gold, iron, or any other valuable natural resources, and doesn't even have access to an ocean, considered vital for a modern economy. How Swiss banking originated? People, especially the elite living in warring nations stashed away their wealth in Swiss banks, which further strengthened Switzerland's banking industry. The remarkable success of Switzerland's banking sector stems from the 1934 Swiss Banking Secrecy Act, under which revealing the identities of account holders in Swiss banks became a punishable offence.

Source: News 24 February 21, 2026 18:11 UTC