Aargau

Aargau, between Zurich, Basel and Bern, is Switzerland's fourth-largest canton by population, with 743,768 residents, 364,295 jobs and 42,051 enterprises, also the fourth-highest number. It produced GDP of CHF 47.5 billion in 2022, the fifth-largest cantonal economy, but GDP per head of CHF 67,224 was the fourth-lowest, and real growth that year was 1.6%. Employment grew by 5.2% between 2019 and 2024. Unemployment was 3.2% in August 2026, slightly above the Swiss rate of 3.0%.

Aargau is often called the energy canton. Energy, water, waste and mining employ 7,591 people, 1.9 times the Swiss share and the third-highest concentration, after growth of 18.6% in five years: the utility Axpo has its head office in Baden, and the Beznau and Leibstadt nuclear power plants are in the canton. Baden is also the Swiss base of ABB and of GE Vernova's power-generation business. Chemicals and pharmaceuticals employ 11,338 people, 2.2 times the Swiss share, with Novartis producing in Stein, and plastics, metals and machinery are above average. Wholesale and retail trade has the second-highest job share of any canton (13.5%). The Paul Scherrer Institute in Villigen, the country's largest research institute for natural and engineering sciences, anchors the Switzerland Innovation Park Innovaare.

Aargau cut taxes for 2026: KPMG puts the maximum effective corporate tax rate at 14.71% (2025: 15.03%) and the top income tax rate at 33.39% (2025: 34.27%). In ValIndex's board-paralysis study Aargau has the lowest risk of any canton (10.8% of audited companies), while 60.4% of its GmbHs belong to a single person, the fifth-highest share.