Switzerland remains the top global hub for offshore wealth management, overseeing $2,174 billion for international clients as of 2023. However, its market share has declined from 24 percent to 21 percent in the past four years.
Deloitte's study shows that the United Kingdom and the United States closely follow Switzerland in managing offshore wealth. Hong Kong and Singapore are also emerging as significant players in the wealth management sector. The recent crisis at Credit Suisse has raised concerns about the stability of Switzerland's banking sector and its long-term implications for wealth management. Despite this, Switzerland still maintains a competitive edge due to its strong infrastructure, property rights, and data protection.
Rising healthcare costs in Switzerland are projected to exceed 100 billion francs by 2025, driven by factors such as an aging population and increasing costs of medical services and pharmaceuticals. This poses challenges for the Swiss healthcare system in terms of affordability and accessibility of care.
On a positive note, Swiss exports have increased by 10.2 percent in October 2024, primarily driven by the chemical-pharmaceutical sector. However, the agricultural sector has faced stagnation in production and rising costs due to global supply chain complexities and external factors like climate change and geopolitical tensions.
In terms of regulatory developments, Switzerland is committed to managing its nuclear waste responsibly and has filed an application for a geological repository for radioactive waste.
In international relations, Switzerland actively engages in global diplomacy and promotes peace and stability, as demonstrated by Swiss Federal Councilor Ignazio Cassis's call for an end to the war in Ukraine at the UN Security Council. As Switzerland faces economic and geopolitical challenges, the interplay between domestic policies and international dynamics will be crucial for shaping its future economy and global position.