Switzerland’s wealth management industry entered COVID-19 from a position of strength. However, competitors continued to close the gap.
Switzerland before the pandemic
Before COVID-19, Swiss banks managed CHF 7.893 trillion of client assets. That figure represented growth of 13.8 per cent during 2019.
However, Deloitte’s current ranking measures international client assets instead. Therefore, readers should not compare both figures directly.
The impact of COVID-19
During the pandemic, banks faced volatile markets and new client demands. Moreover, they had to expand digital services quickly.
Nevertheless, Swiss banks continued to serve international clients. They also maintained their global wealth management networks.
The current position of Switzerland’s wealth management industry
Deloitte’s 2024 report still places Switzerland first in international wealth management. It managed about USD 2.2 trillion in foreign assets during 2023.
However, its market share fell from 23.7 to 21.4 per cent. Meanwhile, the United Kingdom and United States moved closer.
Therefore, Switzerland remains the market leader. Yet it has lost some ground against its competitors.
Competitiveness remains strong
Switzerland also leads Deloitte’s 2024 competitiveness ranking. However, Singapore follows closely.
Moreover, technology, regulation and geopolitics continue to reshape the market. Therefore, past success cannot guarantee future leadership.
Market access after Brexit
After Brexit, Switzerland and the United Kingdom strengthened financial cooperation. Then, the Berne Financial Services Agreement entered into force on 1 January 2026.
The agreement simplifies selected cross-border services. Consequently, Swiss providers gained clearer access to parts of the UK market.
Winning or losing ground?
Ultimately, Switzerland’s wealth management industry still leads the global market. However, its advantage now looks less secure.
Therefore, Swiss banks must invest in advice, technology and efficiency. They must also protect client trust and international market access.
Watch the original COVID-era analysis.
Moreover, Deloitte presents its 2024 international wealth management ranking. The UK Government explains the Berne Financial Services Agreement.
