Swiss retain top spot in wealth management ranking
Switzerland is still number one in terms of wealth management internationally, despite the growth in new assets slowing in 2020, according to consulting firm Deloitte.
This content was published on
2 minutes
Deloitte/Keystone-SDA/ilj
Português
pt
Suíça continua em primeiro no ranking da gestão de fortunas
The company found that overall, “the leading centres of international wealth management did surprisingly well during the Covid-19 pandemic”.
Switzerland managed some $2.6 trillion (CHF2.4 trillion) in international assets in 2020, followed by the United Kingdom and the United States, Deloitte reported on Thursday.External link
The firm’s International Wealth Management Centre Ranking (IWMCR) compares wealth management centres around the globe in terms of asset size, competitiveness and performance.
Gap to UK, US
However, the US, UK and Luxembourg have rebounded much more strongly after the first Covid-19 shock (with 14.8%, 12.7% and 20.7% growth respectively), Deloitte said.
By contrast, Switzerland only saw growth of 7.3% in 2020, below the weighted average growth rate of 10.6% for the nine places measured. The country was also unable to attract significant amounts of net new assets, the study found.
“International wealth management had a very successful year, but Switzerland couldn’t keep up with the overall market development and the gap between Switzerland and the UK and US is shrinking,” Patrik Spiller, Wealth Management Industry Lead at Deloitte Switzerland and Europe, said in a statement.
But he added that “Swiss wealth managers are the clear worldwide leaders when it comes to competitiveness”.
Competitiveness
Here, Switzerland maintained its top position, with Singapore and Hong Kong close behind. But Deloitte highlighted two weaknesses: the smaller Swiss domestic market and the lower relative profitability of its wealth management providers.
“Now is the time for Swiss wealth managers to quickly introduce new models of digitally enabled interaction with clients and enhanced product offerings enabling clients to easily tap into private markets, cryptocurrencies and tokenized assets,” Spiller said.
Deloitte also recommended that wealth managers put an emphasis on environmental, social and governance investments, as well as on privacy and digitalisation.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland remains top international wealth management hub
This content was published on
Switzerland remains the world’s largest wealth management centre for international assets, but the air is getting thinner at the top.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.