Asked whether the coronavirus crisis had taught him that the Gstaad Palace, like many others, also needed more financial reserves in order to stay resilient, Andrea S. answers: “We’ve given ourselves a strong financial footing in recent years, because we know that, time and again, we’re going to have to survive two or even three weaker seasons. We’ve always made sure that we’ve got a supply of ready cash and don’t draw down all our bank loans. Our aim was and still is to be able to access between CHF 3 million and CHF 5 million whenever we need to.”

Martin N. makes the observation that, as people from Switzerland, putting enough money aside is part our DNA. Ultimately, he says, the only reason the government was able to react very quickly with support measures was because there was a financial cushion in place. He thinks that most people’s personal finances are somewhat more robust than in other countries, where having to live from one pay cheque to the next is fairly common, and that this behaviour is rewarded in times of crisis. Andrea S. argues that, in the US for example – the world’s biggest economy – the ‘hand-to-mouth’ mentality is much more pronounced, creating a distinct borrowing culture and, in this case, eroding resilience. “I’d venture to suggest – or even I fear – that the next crisis will erupt in the US given its huge debt burden.”