A multi-millionaire who drove a Ferrari at 85mph through a Swiss town has been fined almost £200,000.

The record-breaking fine was handed out to the 53-year-old man under the Swiss system of proportional punishments, which takes income into consideration.

The driver of the Ferrari Testarossa took his vehicle through a 50mph speed zone at 85mph in St Gallen, a town in the north-east of Switzerland, near the border with Austria and Germany.

The driver was initially fined £60,000 by the local jurisdiction, but this was raised twice on appeal when he claimed falsely to have diplomatic immunity. He was reported to have an annual income over £500,000 and be worth more than £12 million.

It is more than double Switzerland’s previous record speeding fine – handed to a Porsche driver in Zurich in 2008.

Other countries such as Finland use a similar system of proportionate fines, with the head of Nokia receiving a £70,000 punishment for speeding in 2002, equivalent to 14 days’ pay.

* Would a system of proportional fines work in the UK? Let us know!