Statistical Reference Points
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This annex gathers the orders of magnitude on which the main text relies, from the population of the two half-cantons to the capital ratios agreed in Basel. It is meant for readers who need a figure quickly and want to know in which part of the book that figure is discussed.
Every value in the tables below is taken from the chapters of this book and is stated with the same degree of precision as there. All figures are rounded as in the main text, whose qualifiers such as "about", "roughly" or "more than" are kept in the tables. Many of these numbers change from year to year, so the tables should be read as reference points for the period up to the autumn of 2026. Where two chapters describe the same matter at different stages of a procedure, the annex records both stages with their dates. The footnotes to the section headings name the chapters in which the figures appear and in which the underlying sources are cited.
Readers who need current official data will find them in a small number of public sources, most of which publish annual series. The Federal Statistical Office and the Statistisches Amt Basel-Stadt publish population, employment, cross-border commuter and cantonal accounts statistics. The data portal of the Swiss National Bank, the publications of FINMA and the statistics of the Bank for International Settlements cover banking, monetary and supervisory figures. The Banking Barometer of the Swiss Bankers Association, the publications of Interpharma and the market data of SIX Swiss Exchange describe the financial and pharmaceutical sectors. Trade data are available in the Swiss-Impex database of the Federal Office for Customs and Border Security (BAZG). Transport figures appear in the annual statistics of the Schweizerische Rheinhäfen and in the traffic reports of the EuroAirport Basel-Mulhouse-Freiburg.
1. Population and economy of Basel-Stadt and Basel-Landschaft. The book gives few current population figures for the two half-cantons. Its interest lies in the economic weight of a small city canton and in the long growth of the city since the late Middle Ages.1
| Indicator | Value | Source/Year |
|---|---|---|
| Population of the city of Basel in the fifteenth century | about 8,000 to 12,000, often given as ten thousand | HLS; fifteenth century |
| Opening of the University of Basel | 4 April 1460 | Bull of Pius II, 1459 |
| Accession of Basel to the Confederation | treaty of 9 June 1501, oath of 13 July 1501 | HLS, 1501 |
| Partition into two half-cantons | 1833 | Federal Diet, 1833 |
| Population of the city around 1835 | about 25,000 | Statistisches Amt Basel-Stadt |
| Population of the city around 1900 | more than 100,000 | Statistisches Amt Basel-Stadt |
| Municipalities of Basel-Stadt | three: Basel, Riehen and Bettingen | Cantonal law |
| Share of foreign nationals in Basel-Stadt | more than one third | Statistisches Amt Basel-Stadt |
| GDP per inhabitant of Basel-Stadt | among the highest of all Swiss cantons and European regions | FSO, cantonal GDP statistics |
| Company tax revenue per capita in Basel-Stadt | one of the highest in Switzerland | Cantonal financial reports |
| Weight of Basel-Stadt in the majority of the cantons | half a cantonal vote | Federal Constitution |
| Cross-border commuters working in Basel-Stadt | of the order of 35,000 to 40,000 | FSO, Grenzgängerstatistik, recent years |
| Cross-border commuters working in Basel-Landschaft | 20,000 or more | FSO, Grenzgängerstatistik, recent years |
| Cross-border commuters in the Basel region | more than fifty thousand | FSO |
| Permanent resident population of Switzerland | more than nine million | FSO, STATPOP, 2023 |
2. The Swiss financial centre. These values describe the national framework within which the Basel banks, insurers and pension funds operate. They are taken from the chapters on banking, supervision and pensions and from the scenarios for 2035.2
| Indicator | Value | Source/Year |
|---|---|---|
| Number of banks in Switzerland | more than two hundred, the great majority small | FINMA |
| Swiss share of global cross-border financial wealth | about one fifth to one quarter (about 20–25 per cent) | BCG, Global Wealth Report, recent editions |
| Rank as cross-border booking centre | largest in the world | BCG, Global Wealth Report |
| Balance sheet of UBS after the takeover of Credit Suisse | roughly twice Swiss GDP | Federal Council, report of 10 April 2024 |
| Invested assets of UBS | several trillion US dollars | UBS, annual reports 2023–2025 |
| Assets of Swiss pension institutions | more than CHF 1,100 billion (over CHF 1 trillion) | FSO; OAK BV, 2023/2024 |
| Number of pension institutions | about 1,300 | FSO; OAK BV |
| Charitable foundations in Switzerland | about 13,000 to 13,500, with assets of about CHF 100 billion or more | Swiss Foundation Report |
| Swiss Bankers Association | founded in Basel in 1912, seat still in Basel | SBA |
| Fully electronic stock exchange trading (SWX) | 1995/1996 | SIX Group |
| Formation of SIX Group | 2008 | SIX Group |
| FINMA operational | 1 January 2009 | FINMASA |
| Fintech licence | public deposits up to CHF 100 million, since 1 January 2019 | Art. 1b Banking Act |
| Licence-exempt innovation area | public deposits up to CHF 1 million, since 1 August 2017 | Art. 6 Banking Ordinance |
| SNB negative policy rate | –0.75 per cent from January 2015, positive rates again from September 2022 | SNB |
| SNB policy rate after 2022 | peak of 1.75 per cent in 2023, 0 per cent from June 2025 | SNB |
| IMF Financial System Stability Assessment | mandatory about every five years, latest published 16 September 2025 | IMF |
| Swiss VAT standard rate | 8.1 per cent since 1 January 2024 | VAT Act |
3. Banks in Basel. The founding years follow the chapters on merchant banking, on the joint-stock banks and on today's Basel banking landscape. The figures on the rescue of UBS in 2008 follow the account of the big banks in Part E.3
| Institution or event | Year | Note |
|---|---|---|
| La Roche & Co Banquiers | 1787 | one of the oldest private banks in Switzerland |
| Dreyfus Söhne & Cie | 1813 | family-owned for more than two centuries |
| Consortium (Bankverein) of six Basel private banks | 1854 | railway finance |
| Basler Handelsbank | 1862 | taken over by the Swiss Bank Corporation in 1945 |
| Basellandschaftliche Kantonalbank | 1864 | head office in Liestal, cantonal guarantee |
| Basler Bankverein (joint-stock bank) | 1872 | root of UBS |
| Merger with the Zürcher Bankverein | 1895 | Basler und Zürcher Bankverein |
| Name Swiss Bank Corporation | 1897 | London office opened in 1898 |
| E. Gutzwiller & Cie | 1886 | traditional private bank |
| Basler Kantonalbank | 1899 | cantonal guarantee, certificates listed on SIX |
| Swiss Bankers Association | 1912 | founded in Basel |
| Baumann & Cie | 1920 | traditional private bank |
| Genossenschaftliche Zentralbank | 1927 | Bank Coop from 1970, Bank Cler from 2017 |
| WIR Wirtschaftsring | 1934 | complementary currency, today Bank WIR |
| Majority of Bank Coop acquired by the Basler Kantonalbank | around 1999/2000 | full ownership and renaming in 2017 |
| Merger of SBC and Union Bank of Switzerland | announced 8 December 1997, completed 1998 | UBS AG seats in Zurich and Basel |
| Rescue of UBS | October 2008 | CHF 6 billion convertible notes, StabFund up to USD 60 billion |
| Bank J. Safra Sarasin | 2011/2012 sale to J. Safra group, renamed 2013 | origins in A. Sarasin & Cie |
| Zak smartphone banking of Bank Cler | 2018 | digital strategy of the BKB group |
4. The Bank for International Settlements. The book stresses that the institution is small as an employer but large in its reach. The table therefore records its legal foundations and its scale in the terms used by the main text.4
| Indicator | Value | Source/Year |
|---|---|---|
| Hague Agreements and Constituent Charter | 20 January 1930 | SR 0.192.122.971.1 |
| Opening of the offices in Basel | 17 May 1930 | BIS |
| Headquarters Agreement with the Federal Council | 10 February 1987 | SR 0.192.122.971 |
| Tower at Centralbahnplatz 2 | completed 1977 | BIS |
| Member central banks | 63 | BIS website |
| Staff | several hundred people from some sixty or more countries | BIS Annual Report |
| Currency deposits from central banks | several hundred billion SDR | BIS Annual Report |
| Unit of account | SDR since 1 April 2003, previously the gold franc | BIS Statutes, Arts. 4–5 |
| Federal Reserve takes its Board seats | 1994 | BIS |
| Nine new member central banks invited | 1996 | BIS |
| Private shareholders excluded | Extraordinary General Meeting of 8 January 2001 | BIS |
| Final arbitral award on compensation | 19 September 2003, about CHF 9,000 per share plus interest | Permanent Court of Arbitration |
| Representative Office for Asia and the Pacific | Hong Kong, July 1998 | BIS |
| Representative Office for the Americas | Mexico City, November 2002 | BIS |
| BIS Innovation Hub | established 2019, first centres in Hong Kong, Singapore and Switzerland | BIS |
| IAIS | founded 1994, secretariat at the BIS since 1998 | IAIS |
| IADI | established May 2002 | IADI |
| Financial Stability Forum and Board | FSF 1999, FSB 2009, association under Swiss law 2013 | FSB |
General Managers of the BIS. The list follows the chapter on the governance of the bank. That chapter gives exact dates for the early and the recent holders of the office, while the middle of the series appears without dates.5
| General Manager | Term | Previous position or note |
|---|---|---|
| Pierre Quesnay | 1930–1937 | first General Manager, died in office |
| Roger Auboin | 1937–1958 | led the bank through the war |
| Guillaume Guindey, Antonio d'Aroma, René Larre, Günther Schleiminger | between 1958 and 1985 | individual dates not given in the text |
| Alexandre Lamfalussy | 1985–1993 | then President of the European Monetary Institute |
| Andrew Crockett | 1994–2003 | Bank of England |
| Malcolm Knight | 2003–2008 | Bank of Canada |
| Jaime Caruana | 2009–2017 | Banco de España, chair of the Basel Committee |
| Agustín Carstens | 1 December 2017 – 2025 | Banco de México |
| Pablo Hernández de Cos | from 1 July 2025 | Banco de España, chair of the Basel Committee 2019–2023 |
5. Basel Committee milestones and key ratios. The standards of the Committee have no force of law. Even so, the ratios agreed in Basel have become the common language of bank capital, which the two tables below summarise.6
| Milestone | Date | Note |
|---|---|---|
| Failure of Bankhaus Herstatt | 26 June 1974 | Franklin National insolvent 8 October 1974 |
| Founding of the Committee by the G10 governors | end of 1974, first meeting February 1975 | chair George Blunden |
| Concordat | September 1975, endorsed December 1975 | supervision of foreign establishments |
| Chairmanship of Peter Cooke | 1977–1988 | "Cooke Committee" |
| Basel I (Capital Accord) | July 1988 | minimum 8 per cent of risk-weighted assets |
| Market risk amendment | January 1996 | internal models |
| Basel II | June 2004, comprehensive version June 2006 | three pillars |
| Membership expansion | 13 March and 10 June 2009 | G20 economies |
| Basel III | December 2010, revised June 2011 | endorsed at the G20 Seoul summit |
| Committee Charter | January 2013, updated June 2018 | decisions without legal force |
| NSFR standard | October 2014 | effective from 1 January 2018 |
| Finalisation of Basel III | 7 December 2017 | output floor |
| Prudential treatment of crypto-asset exposures | December 2022, amended July 2024 | implementation 1 January 2026 |
| Swiss implementation of final Basel III | 1 January 2025 | revised CAO and FINMA ordinances |
| Chair Pablo Hernández de Cos | 2019–2023 | succeeded by Erik Thedéen in July 2023 |
| Membership today | forty-five members from twenty-eight jurisdictions | BIS website |
| Ratio | Value | Standard |
|---|---|---|
| Minimum total capital (Basel I to Basel III) | 8 per cent of RWA | 1988, 2004, 2010 |
| Share of Tier 1 under Basel I | at least half of the 8 per cent | 1988 |
| Basel I risk weights | 0, 20, 50 and 100 per cent | 1988 |
| Internal market risk models | VaR at 99 per cent, ten days, multiplier at least three | 1996 |
| Common Equity Tier 1 (CET1) minimum | 4.5 per cent of RWA | Basel III |
| Tier 1 minimum | 6 per cent of RWA | Basel III |
| Capital conservation buffer | 2.5 per cent of RWA in CET1 | Basel III |
| Effective CET1 requirement including buffer | 7 per cent | Basel III |
| Countercyclical buffer | up to 2.5 per cent | Basel III |
| G-SIB surcharges | 1, 1.5, 2, 2.5 and 3.5 per cent of RWA | November 2011 |
| Leverage ratio | 3 per cent, binding Pillar 1 from 1 January 2018 | Basel III |
| Leverage ratio buffer for G-SIBs | half of the risk-based surcharge | December 2017 |
| Liquidity Coverage Ratio | 100 per cent, phased in from 60 per cent (2015) to 100 per cent (2019) | January 2013 |
| Net Stable Funding Ratio | available stable funding at least equal to required stable funding (100 per cent) | October 2014 |
| Output floor | 72.5 per cent of standardised RWA | December 2017 |
| Output floor phase-in | 50 per cent in 2022 to 72.5 per cent in 2027, deferred one year to 2023–2028 | GHOS, March 2020 |
| Group 2 crypto-assets | risk weight 1,250 per cent, exposure limit in principle 1 per cent of Tier 1 | December 2022 |
| Admati and Hellwig proposal | equity of 20 to 30 per cent of total assets | 2013 |
6. Swiss too-big-to-fail requirements and the Credit Suisse case. From the start the Swiss regime went beyond the Basel minimum. Its figures were tested in March 2023 and were debated again when Parliament discussed the capital of UBS in 2026.7
| Indicator | Value | Source/Year |
|---|---|---|
| Expert Commission proposal: CET1 minimum | 4.5 per cent | final report, 30 September 2010 |
| Expert Commission proposal: buffer | 8.5 per cent, of which up to 3 per cent in high-trigger CoCos | 2010 |
| Expert Commission proposal: progressive component | up to about 6 per cent, total about 19 per cent of RWA | 2010 |
| Entry into force of the TBTF provisions of the Banking Act | 1 March 2012 | amendment of September 2011 |
| Going-concern requirement for G-SIBs | 14.3 per cent of RWA | CAO revision, in force 1 July 2016 |
| Going-concern leverage ratio for G-SIBs | 5 per cent | CAO revision, 2016 |
| Designated systemically important banks | UBS, PostFinance, Raiffeisen, Zürcher Kantonalbank (formerly Credit Suisse) | SNB |
| Small banks regime: conditions | leverage ratio 8 per cent, LCR at least 110 per cent, refinancing ratio at least 100 per cent | CAO, since 1 January 2020 |
| CET1 ratio of Credit Suisse | about 14 per cent | end of 2022 |
| AT1 instruments written down | about CHF 16 billion | FINMA, 19 March 2023 |
| Value received by Credit Suisse shareholders | UBS shares worth about CHF 3 billion | March 2023 |
| Federal loss guarantee | CHF 9 billion, terminated August 2023 | emergency ordinance, March 2023 |
| Appeals against the AT1 write-down | more than 360, about 3,000 claimants | Federal Administrative Court |
| Partial decision of the Federal Administrative Court | 1 October 2025, write-down lacked sufficient legal basis | appealed by FINMA |
| Federal Council proposals | full backing of foreign participations, about USD 26 billion additional CET1 | 6 June 2025 |
| Federal Council dispatch | full CET1 backing, seven-year transition, about USD 20 billion | 22 April 2026 |
| CAO amendment | with effect from 1 January 2027 | April 2026 |
| Council of States compromise | 90 per cent backing (about 60 per cent under existing rules), 29 votes to 16 | 23 September 2026 |
7. Anti-money laundering and sanctions thresholds. The thresholds are those cited in the chapters on money laundering, on the border and on the art market. Several of them were under review in the reform package that Parliament discussed in 2024 and 2025.8
| Rule | Threshold or value | Source/Year |
|---|---|---|
| Money laundering offence (Art. 305bis StGB) | in force since 1 August 1990 | Swiss Criminal Code |
| Predicate offence: felony | offence punishable by more than three years' imprisonment | Swiss Criminal Code |
| Aggravated tax misdemeanour as predicate offence | evaded taxes exceeding CHF 300,000 per tax period | since 1 January 2016 |
| Anti-Money Laundering Act | in force since 1 April 1998 | AMLA |
| Retention of records | at least ten years after the end of the relationship | Art. 7 AMLA |
| Controlling persons of operating entities | 25 per cent threshold | Art. 2a AMLO-FINMA |
| Dealers in goods accepting cash | more than CHF 100,000 | since 1 January 2016 |
| Proposed threshold for precious metals and real estate | CHF 15,000 | dispatch of May 2024 |
| Identification in crypto exchange transactions | CHF 1,000 | AMLO-FINMA |
| Cross-border cash declaration on request | CHF 10,000 or more | since 2009 |
| Termination after a report to MROS | after 40 working days without notification | since 1 January 2023 |
| Suspicious activity reports to MROS | more than 10,000 per year | 2020s |
| Corporate liability (Art. 102 StGB) | fine up to CHF 5 million | Swiss Criminal Code |
| Foreign Illicit Assets Act | in force since 1 July 2016 | FIAA |
| Adoption of EU sanctions against Russia | 28 February 2022, ordinance of 4 March 2022 | Federal Council |
| EU art market due diligence threshold | EUR 10,000 | Directive 2018/843 |
| EU Anti-Money Laundering Regulation | applicable from 10 July 2027 | Regulation 2024/1624 |
| Travellers' VAT allowance | CHF 300, lowered to CHF 150 from 1 January 2025 | BAZG |
8. Taxes. The book treats company taxation as a question of location policy for the pharmaceutical industry. The first table sets out the federal framework, while the second shows the choices of the two Basels and the international parameters.9
| Parameter | Value | Source/Year |
|---|---|---|
| Direct federal tax on profit | 8.5 per cent statutory, about 7.8 per cent effective | DBG, Art. 68 |
| Corporate Tax Reform III | rejected with about 59.1 per cent no votes | 12 February 2017 |
| STAF (TRAF) popular vote | accepted with about 66.4 per cent yes votes | 19 May 2019 |
| Entry into force of STAF | 1 January 2020 | AS 2019 2395 |
| Patent box | maximum relief of 90 per cent | StHG, Arts. 24a–24b |
| Research and development deduction | up to 50 per cent above actual expenditure (150 per cent in total) | StHG, Art. 25a |
| Relief limitation | 70 per cent of taxable profit | StHG, Art. 25b |
| Taxation of qualifying dividends | 70 per cent federal, at least 50 per cent cantonal | STAF |
| Cantons' share of direct federal tax | from 17 to 21.2 per cent | STAF |
| Additional AHV financing | about CHF 2 billion per year | Federal Council, 2019 |
| Former mixed company regimes | total effective rates of roughly 8 to 11 per cent | until 31 December 2019 |
| Withholding tax on dividends | 35 per cent | VStG, Arts. 4 and 13 |
| Withholding tax on insurance capital benefits | 8 per cent | VStG |
| Stamp duty on single premiums for life insurance | 2.5 per cent | StG |
| Lump-sum taxation, direct federal tax | minimum CHF 400,000 | since 1 January 2016 |
| US federal corporate tax | from 35 to 21 per cent | Tax Cuts and Jobs Act, 22 December 2017 |
| Parameter | Value | Source/Year |
|---|---|---|
| Basel-Stadt, top of the old progressive tariff | about 22 per cent combined effective rate | before 2019 |
| Basel-Stadt, cantonal profit tax after reform | proportional rate of 6.5 per cent | Basel compromise |
| Basel-Stadt, combined effective rate | about 13 per cent (about 13.04 per cent) | from 2019 |
| Basel-Stadt, cantonal vote on the Basel compromise | more than 78 per cent yes | 10 February 2019 |
| Basel-Stadt, relief limitation | 40 per cent of taxable profit | Basel compromise |
| Basel-Stadt, taxation of qualifying dividends | raised from 50 to 80 per cent | Basel compromise |
| Basel-Landschaft, target combined effective rate | about 13.45 per cent | by 2025 |
| OECD Pillar Two minimum rate | 15 per cent for groups with revenue of at least EUR 750 million | OECD/G20 |
| Popular vote on the minimum tax | accepted with about 78.5 per cent | 18 June 2023 |
| Swiss QDMTT in force | 1 January 2024 | Minimum Tax Ordinance |
| Income inclusion rule in force | 1 January 2025 | Federal Council, 4 September 2024 |
| Distribution of supplementary tax revenue | 75 per cent cantons, 25 per cent Confederation | Art. 197 no. 15 Cst. |
| Basel-Stadt profit tax for large groups | raised from 13 to 15 per cent | 2025 |
| Additional annual revenue in Basel-Stadt | CHF 270 to 310 million | cantonal government |
| Location fund proposed | CHF 150 to 300 million per year | 2024 |
| Cantonal vote on the location package | about 63.2 per cent yes, turnout about 43 per cent | 18 May 2025 |
| Swiss source tax on German frontier workers | 4.5 per cent of gross salary | Art. 15a DTC Switzerland–Germany |
| Compensation paid by France for frontier workers | 4.5 per cent of gross remuneration | agreement of 11 April 1983 |
| Geneva compensation model | 3.5 per cent of gross salaries | agreement of 29 January 1973 |
9. Life sciences. The book describes the industry as the largest exporting sector of Switzerland and as the principal base of corporate value creation in Basel. One table records the companies with their founding dates, the other the transactions cited.10
| Indicator or company | Value or year | Note |
|---|---|---|
| Chemical and pharmaceutical products in Swiss goods exports | roughly half | BAZG foreign trade statistics |
| Pharmaceutical products alone in Swiss goods exports | well over a third | BAZG foreign trade statistics |
| Geigy | trading in dyestuffs and drugs since 1758 | later Ciba-Geigy |
| Fuchsine production by Alexander Clavel | 1859 | origin of Ciba |
| Gesellschaft für Chemische Industrie in Basel (Ciba) | 1884 | joint-stock company |
| Kern & Sandoz | 1886 | Sandoz |
| F. Hoffmann-La Roche & Co | 1 October 1896 | joint-stock company 1919 |
| Lonza | 1897, Gampel (Valais) | spun off from Alusuisse 1999 |
| Straumann | 1954, Waldenburg | dental implants |
| Merger of Ciba and Geigy | 1970 | Ciba-Geigy |
| Bachem | 1971, Bubendorf | peptides and oligonucleotides |
| Schweizerhalle fire | 1 November 1986 | about 1,350 tonnes of chemicals stored |
| Clariant spin-off | 1995 | Sandoz chemicals |
| Novartis merger | announced 7 March 1996, completed December 1996 | of the order of USD 30 billion |
| Actelion | founded 1997, Allschwil | acquired 2017 |
| Basilea Pharmaceutica | spun off from Roche 2000 | anti-infectives |
| Syngenta | November 2000 | agribusinesses of Novartis and AstraZeneca |
| Alcon spin-off | April 2019 | from Novartis |
| Sandoz spin-off | listing 4 October 2023 | from Novartis |
| SMI capping | 18 per cent per constituent | SIX, 2017 |
| Transaction | Value | Year |
|---|---|---|
| Roche: majority of Genentech (about 60 per cent) | about USD 2.1 billion | 1990 |
| Roche: Corange (Boehringer Mannheim) | about CHF 15 billion | 1997/1998 |
| Roche: minority of Genentech at USD 95 per share | about USD 47 billion (USD 46.8 billion) | 2009 |
| Roche: US dollar bonds to finance Genentech | about USD 16.5 billion | 2009 |
| Novartis: Alcon in steps | about USD 10.4 billion and USD 28.1 billion, roughly USD 50 billion in total | 2008–2011 |
| Novartis: oncology business of GSK | up to USD 16 billion | 2014/2015 |
| Novartis: sale of animal health to Eli Lilly | about USD 5.4 billion | 2014/2015 |
| Novartis: sale of consumer health stake to GSK | USD 13 billion | 2018 |
| Novartis: AveXis | about USD 8.7 billion | 2018 |
| Novartis: The Medicines Company | about USD 9.7 billion | 2019/2020 |
| Roche: Spark Therapeutics | about USD 4.3 billion | 2019 |
| Roche: repurchase of Novartis's 53.3 million bearer shares | about CHF 19 billion (USD 20.7 billion) | 2021 |
| Roche: Telavant | about USD 7.1 billion | 2023 |
| Roche: Carmot Therapeutics | about USD 2.7 billion plus milestones | 2023 |
| ChemChina: Syngenta | about USD 43 billion | 2016/2017 |
| Johnson & Johnson: Actelion at USD 280 per share | about USD 30 billion | 2017 |
| Lonza: Capsugel | about USD 5.5 billion | 2017 |
| Lonza: sale of specialty ingredients to Bain Capital and Cinven | about CHF 4.2 billion | 2021 |
| Lonza: Vacaville site from Genentech | about USD 1.2 billion | 2024 |
| US investment pledges of Roche and Novartis | about USD 50 billion and USD 23 billion | 2025 |
| US tariff on Swiss goods | 39 per cent from 7 August 2025, framework for 15 per cent of 14 November 2025 | 2025 |
10. Rhine ports and logistics. The ports of Basel appear in the book as the gateway of Switzerland to the sea. Their volumes have declined in recent years, while their operation depends on the water level of the Rhine.11
| Indicator | Value | Source/Year |
|---|---|---|
| Mannheim Act (Revised Convention for Rhine Navigation) | 17 October 1868 | CCNR |
| Swiss membership in the Central Commission | since 1920 | Treaty of Versailles |
| Kleinhüningen port basins | basin I 1922, basin II 1939 | Schweizerische Rheinhäfen |
| Swiss high seas fleet | emergency law 1941, Maritime Navigation Act of 23 September 1953 | SR 747.30 |
| Schweizerische Rheinhäfen (SRH) | operator since 1 January 2008 | intercantonal treaty |
| Water-side throughput | roughly five to seven million tonnes per year, declining tendency | SRH, past two decades |
| Share of Swiss imports by weight | about 10 per cent | SRH; FONES |
| Share of mineral oil imports | about one quarter to one third | SRH; FONES |
| Container throughput | roughly 100,000 TEU per year | SRH, years before 2025 |
| Low water at the Kaub gauge | about 25 cm (October 2018), about 30–35 cm (August 2022) | WSV; CCNR |
| Losses on ship guarantees | roughly CHF 215 million by 2017 | Federal Council; SFAO |
| Danzas | founded 1815 in Saint-Louis, acquired by Deutsche Post 1998/1999 | HLS |
| Panalpina | founded 1935 in Basel, acquired by DSV 2019 | HLS |
| Rastatt interruption of the Rhine Valley line | 12 August to 2 October 2017 | Deutsche Bahn |
| Gotthard Base Tunnel | opened 1 June 2016, 57 km | FOT; SBB |
| Cantonal vote on the third port basin | approved, 29 November 2020 | Canton of Basel-Stadt |
| ADN on dangerous goods by inland waterway | in force since 29 February 2008 | UNECE; CCNR |
11. Frontier workers and the EuroAirport. Since 2023 three different thresholds have governed the telework of a Basel commuter. The table places the social security rules next to the tax rules for commuters from Germany and from France.12
| Indicator | Value | Source/Year |
|---|---|---|
| Foreign cross-border commuters in Switzerland | more than 400,000 | FSO, early 2020s |
| Agreement on the Free Movement of Persons | signed 21 June 1999, in force 1 June 2002 | SR 0.142.112.681 |
| Substantial activity under Regulation 987/2009 | 25 per cent of working time or remuneration | Art. 14 para. 8 |
| Multilateral telework framework agreement | in force 1 July 2023, telework below 50 per cent (49.9 per cent limit) | Regulation 883/2004 |
| German frontier workers: Swiss source tax | 4.5 per cent of gross salary | Art. 15a DTC |
| German frontier workers: non-return days | 60-day rule | Art. 15a DTC |
| French frontier workers: taxation | only in France, compensation of 4.5 per cent to the cantons | agreement of 11 April 1983 |
| French frontier workers: non-return days | tolerance of 45 days | agreement of 1983 |
| French frontier workers: telework | up to 40 per cent of working time | amendment of 27 June 2023 |
| Regio Basiliensis | founded 1963 | HLS |
| Trinationale Agglomeration Basel; Trinationaler Eurodistrict Basel | 1995; 2007 | TEB |
| Schengen association operational | land borders 12 December 2008, airports 29 March 2009 | SR 0.362.31 |
| Opening of the airport | 1946 | HLS |
| Franco-Swiss Convention on the airport | 4 July 1949 | SR 0.748.131.934.91 |
| Board of the EuroAirport | eight French and eight Swiss members, two German advisory members | statutes of 1949 |
| Passengers | about 9.1 million in 2019, reached again after the recovery | EuroAirport |
| Rank among Swiss airports | third, after Zurich and Geneva | EuroAirport |
12. Fairs and Art Basel. The fair tradition of Basel runs from the imperial privilege of 1471 to an art fair with editions on several continents. The figures trace the main steps that Part H describes.13
| Indicator | Value | Source/Year |
|---|---|---|
| Fair privilege of Emperor Frederick III | 1471, two annual fairs | 550th anniversary celebrated 2021 |
| First Schweizer Mustermesse | April 1917 | HLS |
| Last Muba | 2019 | MCH Group |
| Watch fair opened to European exhibitors | 1973 | MCH Group |
| Watch fair opened to non-European exhibitors | 1986 | MCH Group |
| Name BaselWorld | from 2003 | MCH Group |
| Baselworld at its peak | well over one thousand exhibitors, more than one hundred thousand visitors | around 2008–2013 |
| End of Baselworld | after the cancelled edition of 2020 | MCH Group |
| Messeturm | completed 2003, about 105 metres | architectural guides |
| New Hall 1 by Herzog & de Meuron | opened 2013 | MCH Group |
| Capital increase with Lupa Systems | 2020 | MCH Group |
| First Art Basel | June 1970, about 90 galleries and publishers from ten countries, more than 16,000 visitors | Art Basel |
| Founders | Ernst Beyeler, Trudl Bruckner and Balz Hilt | 1970 |
| Liste | founded 1996 | Liste |
| Unlimited | introduced 2000 | Art Basel |
| Art Basel Miami Beach | December 2002 | Art Basel |
| Art Basel Hong Kong | May 2013 | Art Basel |
| Paris+ par Art Basel; Art Basel Paris | October 2022; 2024 | Art Basel |
| Art Basel Qatar | announced May 2025, planned for February 2026 | Art Basel |
| Basel edition today | about 280 to 290 galleries from about forty countries, about 90,000 visitors | Art Basel closing reports |
| Global art market | about USD 68 billion (2022), about USD 65 billion (2023), about USD 57–58 billion (2024) | Art Basel and UBS Art Market Reports |
| Art-secured lending | loan-to-value typically 40–50 per cent | Art & Finance Report |
| Cultural Property Transfer Act | in force since 1 June 2005 | SR 444.1 |
| Inventory duties in customs warehouses | in force since 1 January 2016 | Customs Ordinance |
13. Insurance. Basel became an insurance centre after the fire of Glarus in 1861. With the merger of Helvetia and Baloise in 2025 the city became the legal seat of the largest multi-line insurer in the Swiss market.14
| Indicator | Value | Source/Year |
|---|---|---|
| Fire of Glarus | night of 10 to 11 May 1861 | HLS |
| Basler Feuerversicherungs-Gesellschaft | 1863 | Baloise |
| Basler Lebensversicherungs-Gesellschaft | 1864 | Baloise |
| Swiss Re founded in Zurich with the Basler Handelsbank | 1863 | Swiss Re |
| Federal supervision of private insurance | Act of 25 June 1885 | Federal Insurance Office |
| Merger of Helvetia and Patria | 1996 | Helvetia |
| Sale of Winterthur to AXA | about CHF 12.3 billion | 2006 |
| Acquisition of Nationale Suisse by Helvetia | 2014 | Helvetia |
| Swiss Solvency Test risk measure | expected shortfall at 99 per cent over one year | FINMA |
| Solvency II and IAIS ICS risk measure | value at risk at 99.5 per cent over one year | EU; IAIS, December 2024 |
| Revised Insurance Supervision Act | in force since 1 January 2024 | ISA |
| Earthquake pool of the cantonal building insurers | established 1978, capacity of the order of CHF 2 billion per year | VKF |
| Cevian stake in Baloise | about 9.4 per cent, sold to Patria Genossenschaft | April 2025 |
| Announcement of the Helvetia–Baloise merger | 22 April 2025 | joint media release |
| Combined business volume | about CHF 20 billion | 2025 |
| Customers and staff | about thirteen million customers, around 22,000 employees, eight European markets | 2025 |
| Exchange ratio | 1.0119 Helvetia Baloise shares per Baloise share | merger agreement |
| Annual pre-tax cost synergies | about CHF 350 million | full run rate around 2029 |
| Completion of the merger | 5 December 2025, trading from 8 December 2025 | Helvetia Baloise |
| Announced job reductions | up to 2,600 positions, 1,400 to 1,800 in Switzerland | 2026–2029 |
14. Occupational pensions. The second pillar rests on the vote of 1972 and on the BVG of 1982. The main text records how voters have repeatedly refused to lower its minimum conversion rate.15
| Parameter | Value | Source/Year |
|---|---|---|
| Three-pillar principle in the Constitution | popular vote of 3 December 1972 | Art. 34quater Cst. 1874 |
| BVG adopted and in force | 25 June 1982, in force 1 January 1985 | SR 831.40 |
| Minimum conversion rate at entry into force | 7.2 per cent | BVG, 1985 |
| Minimum conversion rate today | 6.8 per cent, reached in 2014 | first BVG revision, 2003 |
| BVG minimum interest rate | 4 per cent (1985–2002), 3.25 per cent (2003), 1 per cent (2017–2023), 1.25 per cent from 2024 | FSIO |
| Reform of 17 March 2023 | conversion rate 6.0 per cent, coordination deduction of 20 per cent of salary | rejected 22 September 2024 |
| BVV 2 limit: mortgage-backed claims | 50 per cent | Art. 55 BVV 2 |
| BVV 2 limit: equities | 50 per cent | Art. 55 BVV 2 |
| BVV 2 limit: real estate | 30 per cent, at most one third abroad | Art. 55 BVV 2 |
| BVV 2 limit: alternative investments | 15 per cent | Art. 55 BVV 2 |
| BVV 2 limit: unhedged foreign currency | 30 per cent | Art. 55 BVV 2 |
| BVV 2 limit: infrastructure | 10 per cent, since 1 October 2020 | Art. 55 BVV 2 |
| BVV 2 limit: single debtor | 10 per cent | Art. 54 BVV 2 |
| Legal quote (minimum distribution ratio) | at least 90 per cent | Art. 37 ISA |
| Public-law pension institutions | coverage ratio of at least 80 per cent by 2052 | Art. 72a–72g BVG |
| Reference age for women | raised from 64 to 65, in steps from 2025 | AHV 21 |
| Old-age and survivors' insurance (AHV) | in force since 1 January 1948 | AHVG |
15. Votes and referendums cited in the book. Direct democracy runs through many chapters, from the nationalisation of the railways to the vote on population growth of June 2026. The table lists the federal and cantonal votes for which the main text gives a date or a year.16
| Date | Subject | Result as given in the text |
|---|---|---|
| 20 February 1898 | Nationalisation of the main railways | approved |
| 17 December 1967 | Basel-Stadt: credit for the purchase of two Picasso paintings | approved |
| 1969 | Reunification constitution of the two Basels | accepted in Basel-Stadt, rejected in Basel-Landschaft |
| 3 December 1972 | Free trade agreement with the EEC | accepted, about 72 per cent |
| 3 December 1972 | Three-pillar principle of old-age provision | counter-proposal accepted, people's pension rejected |
| 6 December 1992 | European Economic Area | rejected, about 50.3 per cent, turnout about 78.7 per cent, accepted in both Basels |
| 20 February 1994 | Alpine protection article | accepted |
| 21 May 2000 | Bilateral Agreements I | accepted, about 67 per cent |
| 5 June 2005 | Schengen and Dublin association | accepted, about 55 per cent |
| 24 February 2008 | Corporate Tax Reform II | accepted by a narrow margin |
| 7 March 2010 | Reduction of the BVG conversion rate to 6.4 per cent | rejected, about 72.7 per cent |
| 3 March 2013 | Initiative against rip-off salaries | accepted |
| 9 February 2014 | Initiative against mass immigration | accepted nationally, rejected in Basel-Stadt |
| 2014 | Examination of a merger of the two Basels | supported in Basel-Stadt, rejected in Basel-Landschaft |
| 28 September 2014 | Single public health insurance fund | rejected |
| 30 November 2014 | Abolition of lump-sum taxation | rejected |
| 12 February 2017 | Corporate Tax Reform III | rejected, about 59.1 per cent no |
| 24 September 2017 | Pension reform Altersvorsorge 2020 | rejected |
| 10 February 2019 | Basel-Stadt: Basel compromise on Tax Proposal 17 | accepted, more than 78 per cent |
| 19 May 2019 | Federal Act on Tax Reform and AHV Financing | accepted, about 66.4 per cent |
| 19 May 2019 | Implementation of the EU Firearms Directive | accepted, about 64 per cent |
| 27 September 2020 | Limitation initiative | rejected, about 62 per cent |
| 29 November 2020 | Responsible Business Initiative | about 50.7 per cent yes, rejected by the cantons |
| 29 November 2020 | Basel-Stadt: credit for the third port basin | approved |
| 28 November 2021 | Basel-Stadt: housing protection initiative | accepted |
| 13 February 2022 | Abolition of the issuance stamp duty | rejected |
| 25 September 2022 | Reform AHV 21 | accepted by a narrow margin |
| 25 September 2022 | Amendment of the Withholding Tax Act | rejected by a narrow majority |
| 18 June 2023 | OECD minimum tax (Art. 129a Cst.) | accepted, about 78.5 per cent |
| 3 March 2024 | Thirteenth AHV pension | accepted, about 58 per cent |
| 3 March 2024 | Pension initiative of the Young Liberals | rejected |
| 22 September 2024 | BVG reform | rejected, about 67 per cent, in every canton |
| 18 May 2025 | Basel-Stadt: location package financed by the minimum tax | accepted, about 63.2 per cent |
| 28 September 2025 | Abolition of the imputed rental value | accepted |
| 30 November 2025 | JUSO initiative on inheritance and gift tax | rejected by a clear majority and all cantons |
| 14 June 2026 | "No to 10 million Switzerland" | rejected, about 54.8 per cent, turnout about 58.9 per cent, about 73.5 per cent no in Basel-Stadt |
16. Key legal instruments. The table lists the federal acts, ordinances and treaties to which the book refers most often, with their numbers in the Classified Compilation. A dash means that the main text gives no date of entry into force.17
| Instrument | SR | Date of act | In force |
|---|---|---|---|
| Federal Constitution | 101 | 18 April 1999 | 1 January 2000 |
| Swiss Civil Code | 210 | 1907 | — |
| Code of Obligations | 220 | 1911 | — |
| Insurance Contract Act (ICA) | 221.229.1 | 2 April 1908 | amendment of 19 June 2020: 1 January 2022 |
| Merger Act | 221.301 | 3 October 2003 | 1 July 2004 |
| Patents Act | 232.14 | 25 June 1954 | — |
| Federal Act on Data Protection (FADP) | 235.1 | 25 September 2020 | 1 September 2023 |
| Private International Law Act (PILA) | 291 | 18 December 1987 | — |
| Swiss Criminal Code | 311.0 | 21 December 1937 | Art. 305bis: 1 August 1990 |
| Cultural Property Transfer Act | 444.1 | 20 June 2003 | 1 June 2005 |
| Customs Act | 631.0 | 18 March 2005 | 1 May 2007 |
| VAT Act | 641.20 | 12 June 2009 | — |
| Direct Federal Tax Act (DBG) | 642.11 | 14 December 1990 | — |
| Tax Harmonisation Act (StHG) | 642.14 | 14 December 1990 | — |
| Withholding Tax Act | 642.21 | 13 October 1965 | — |
| Act on the Exchange of Country-by-Country Reports | 654.1 | 16 June 2017 | 1 December 2017 |
| Maritime Navigation Act | 747.30 | 23 September 1953 | — |
| BVG | 831.40 | 25 June 1982 | 1 January 1985 |
| BVV 2 | 831.441.1 | 18 April 1984 | — |
| Federal Health Insurance Act (KVG) | 832.10 | 18 March 1994 | 1 January 1996 |
| Goods Control Act | 946.202 | 13 December 1996 | — |
| Embargo Act | 946.231 | 22 March 2002 | — |
| Ordinance on measures concerning Ukraine | 946.231.176.72 | 4 March 2022 | — |
| Financial Services Act (FinSA) | 950.1 | 15 June 2018 | 1 January 2020 |
| National Bank Act | 951.11 | 3 October 2003 | 1 May 2004 |
| Banking Act | 952.0 | 8 November 1934 | 1 March 1935 |
| Capital Adequacy Ordinance (CAO) | 952.03 | 1 June 2012 | final Basel III: 1 January 2025 |
| Liquidity Ordinance | 952.06 | 30 November 2012 | NSFR since July 2021 |
| Financial Institutions Act (FinIA) | 954.1 | 15 June 2018 | 1 January 2020 |
| Anti-Money Laundering Act (AMLA) | 955.0 | 10 October 1997 | 1 April 1998 |
| Financial Market Supervision Act (FINMASA) | 956.1 | 22 June 2007 | 1 January 2009 |
| Financial Market Infrastructure Act | 958.1 | 19 June 2015 | 1 January 2016 |
| Insurance Supervision Act (ISA) | 961.01 | 17 December 2004 | 1 January 2006 |
| Insurance Supervision Ordinance (AVO) | 961.011 | 9 November 2005 | revised 1 January 2024 |
| Foreign Illicit Assets Act (FIAA) | 196.1 | 18 December 2015 | 1 July 2016 |
| Host State Act | 192.12 | 22 June 2007 | 1 January 2008 |
| BIS Convention and Constituent Charter | 0.192.122.971.1 | 20 January 1930 | — |
| BIS Headquarters Agreement | 0.192.122.971 | 10 February 1987 | — |
| Agreement on the Free Movement of Persons | 0.142.112.681 | 21 June 1999 | 1 June 2002 |
| Schengen Association Agreement | 0.362.31 | 26 October 2004 | operational 12 December 2008 |
| DTC Switzerland–Germany | 0.672.913.62 | 11 August 1971 | Art. 15a by Protocol of 21 December 1992 |
| DTC Switzerland–France | 0.672.934.91 | 9 September 1966 | — |
| Convention on the EuroAirport | 0.748.131.934.91 | 4 July 1949 | — |
Notes
- Figures as stated in Part A, Chapters I, III and V; Part B, Chapter V; Part D, Chapter I; Part G, Chapters I and III; Part H, Chapter II; Part K, Chapter IV. To be verified. ↩
- Figures as stated in Part E, Chapters I, II and V; Part F, Chapters III and IV; Part H, Chapter III; Part I, Chapter IV; Part K, Chapter III. To be verified. ↩
- Figures as stated in Part C, Chapter III; Part D, Chapters I and III; Part E, Chapter I. Dates and current legal forms to be verified. ↩
- Figures as stated in Part D, Chapter V; Part F, Chapters I and IV; Part J, Chapter III. Current figures appear in the BIS Annual Report for the financial year ending 31 March. To be verified. ↩
- See Part D, Chapter V, and Part F, Chapter I, section "The General Managers". Dates of office to be verified. ↩
- Figures as stated in Part F, Chapters II and III, and Part E, Chapter II. To be verified. ↩
- Figures as stated in Part E, Chapters I and II; Part F, Chapter III; Part K, Chapter III. The figures of USD 26 billion and USD 20 billion refer to the proposals of June 2025 and to the dispatch of April 2026 respectively. Status to be verified. ↩
- Figures as stated in Part E, Chapter III; Part G, Chapter V; Part H, Chapters III and V. Thresholds to be verified. ↩
- Figures as stated in Part E, Chapters I and V; Part G, Chapters I and III; Part H, Chapter II; Part I, Chapters I and III; Part K, Chapter II. The rate of about 13 per cent for Basel-Stadt is given as about 13.04 per cent in Part G, Chapter III. To be verified. ↩
- Figures as stated in Part D, Chapter II; Part G, Chapters I, II, IV and V; Part K, Chapter II. Transaction values as reported in the press releases cited there. To be verified. ↩
- Figures as stated in Part H, Chapter I, and Part G, Chapter I. To be verified. ↩
- Figures as stated in Part E, Chapter I; Part H, Chapter II; Part J, Chapter II; Part K, Chapter IV. To be verified. ↩
- Figures as stated in Part A, Chapter V; Part H, Chapters IV and V. To be verified. ↩
- Figures as stated in Part D, Chapter IV; Part E, Chapter I; Part I, Chapters I and II. To be verified. ↩
- Figures as stated in Part D, Chapter IV; Part I, Chapters III and IV. Rates from 2025 onwards to be verified. ↩
- Results as stated in Part D, Chapter I; Part E, Chapter V; Part G, Chapters III and V; Part H, Chapters I and II; Part I, Chapter IV; Part J, Chapter V; Part K, Chapters II, III and IV. Official results are published by the Federal Chancellery and the Staatskanzlei Basel-Stadt. To be verified. ↩
- Dates as stated in the chapters of Parts D to K, in particular Part D, Chapter III; Part E, Chapters II and III; Part F, Chapters I to III; Part G, Chapters III and V; Part H, Chapters I to III; Part I, Chapters II and IV. To be verified against the Classified Compilation (SR). ↩
For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.