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Wealthy private clients are increasingly turning away from Switzerland as a financial center, following the collapse of Credit Suisse, which has eroded confidence among clients from Europe and the Middle East. While Switzerland remains the largest offshore location with a 21.4% market share, the USA and UK are closing the gap, boasting $2,109 billion and $2,166 billion in foreign assets, respectively. The USA's advantages include high-quality asset management and favorable regulatory conditions.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence among clients from Europe and the Middle East, while the U.S. and other rivals are gaining ground in the offshore wealth sector. Despite remaining the largest offshore wealth hub, Switzerland's market share has decreased from 23.7% to 21.4%.
Switzerland's financial center is losing its edge, with a recent study revealing a decline in international assets managed, dropping from $2,438 billion in 2020 to $2,174 billion in 2024. The bankruptcy of Credit Suisse and slower growth in core markets are key factors, while the USA has gained ground, now managing over $2,100 billion, aided by its non-participation in new international tax rules.
Switzerland remains the top global wealth management center, managing $2.2 trillion in foreign assets, but its lead is narrowing, with the UK and USA closing in. Factors such as growth in Asia, increased competition, the fallout from the Credit Suisse crisis, and overregulation are challenging its dominance. To maintain its position, Switzerland must enhance regulatory frameworks and invest in digital transformation.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence, particularly among clients from Europe and the Middle East, while the country's traditional advantages are losing significance. Although Switzerland remains the top offshore wealth hub, its market share has decreased, with competitors like the U.S. and the U.K. closing the gap.
Patrik Spiller
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
wealthy clients lose faith in switzerland as financial center after credit suisse collapse
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