Value added per job

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The value added of CHF 19.2 billion measured by the Federal Statistical Office for 2024, set against the jobs in commodity trading in the strict sense, gives a value added per job in the order of one million francs, several times the average for the Swiss economy and higher than that of banking.¹ This exceptional ratio is explained by the nature of the business: a few hundred traders and their support teams generate margins on considerable volumes, with intensive human capital and almost no physical capital in Switzerland, since the goods are not located there. It also explains the volatility: the value added of trading depends on margins, which depend on prices and on their volatility, as the years 2020 to 2023 showed, with record profits followed by declines.

For the canton, this productivity has two faces. It produces tax revenue and high salaries with few jobs, which limits the pressure on housing and infrastructure compared with a labour-intensive sector. It does, however, make the canton dependent on a mobile activity whose profits can be located elsewhere without the jobs moving, as Chapter I noted with regard to group structures. The measurement of value added by canton, which the Federal Statistical Office has undertaken, will make it possible to follow this localisation over time.

Notes

Federal Statistical Office, “Négociants en matières premières” (Commodity traders), November 2025, cited above; author’s calculation. ↩

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 September 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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Value added per job

Notes

Setting up or expanding in Switzerland?