The wealth of Switzerland’s 300 richest people has increased by CHF31bn ($33bn) this year, pushing their combined total wealth well past CHF500bn.

The 2012 list of the 300 richest Swiss by Bilan magazine revealed a significant increase of 6.5% in collective wealth, totalling CHF 512bn ($551bn), despite the economic downturn in Europe.

At the top of the list, maintaining his position from last year is Swedish IKEA founder Ingvar Kamprad, who has a personal fortune of CHF38-39bn, an increase of CHF3bn since 2011.

Kampard’s $3-4bn increase in wealth seems almost modest when compared with the jump Brazilian brewery investor Jorge Lemann’s fortune made. Worth CHF18bn in 2012, Lemann’s wealth doubled in the space of a year, pushing him to second spot.

Collective fortune double 1989’s list

According to Bilan magazine’s German counterpart Bilanz, the top ten Swiss billionaires have a total fortune of $151bn (CHF 141bn), which in comparison is more than double the collective wealth of the 100 richest Swiss in 1989, when the first rich list was published by the magazine.

Bilan has also highlighted that despite the increase in fortunes, collective wealth has yet to reach the heights of 2007. The year before the financial crisis, the collective total wealth of Switzerland’s ultra high net worths was CHF527bn.

Not everyone on this year’s list saw an increase in personal wealth however; commodities moguls Willy Strothotte and Ivan Glasenberg endured a loss of CHF1.75bn and CHF1bn respectively from their fortunes. According to Bilanz, both men are still multi-billionaires despite losing money when Glencore shares plummeted after the company was publicly listed.