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A Swiss Bankers Association report, released this month, has reflected on Switzerland's success in gaining status as a leading global wealth management centre.
The report states that the tradition of high-end services, the availability of skilled staff, and a predictable regulatory environment have all contributed to Switzerland’s leading position among global wealth management centres.
“Switzerland provides wealth management banks that are a pillar of market positioning in an increasingly brand-conscious industry. Merging tradition and entrepreneurial spirit has winning ways and, clearly, a profitable edge.”
The latest report assesses how Switzerland compares to its global peers, in what ways Swiss wealth management banks differentiate themselves, and which strategic responses to industry threats and opportunities they have espoused.
With 9.1% of global assets under management (AUM), Switzerland is among the world’s leading trio of wealth management centres, alongside the United States and the United Kingdom.
It is the world’s leader in offshore private banking, with a market share of 27%. The country’s largest banks, UBS and Credit Suisse, rank among the world’s largest wealth management firms.
The report also looks at the effect of the economic and financial crisis on the jurisdiction. Research undertaken by the SBA has found:
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