Switzerland, which has long been the undisputed leader in the global financial market, is facing significant challenges and changes. Deloitte’sresearch shows that while Switzerland still holds the largest share of global assets, its advantage is gradually diminishing. The country is no longer the insurmountable pinnacle it was just a few years ago.
At the beginning of 2023, the volume of assets held in Switzerland under trust management was $2,174 billion, which corresponds to approximately 21% of all cross-border assets in the world. However, this figure is down from 24% compared to four years ago. Meanwhile, the UK and the US are rapidly closing the gap, holding $2,166bn and $2,109bn in assets respectively.
Experts note that the weakening of Switzerland’s position was influenced by a number of factors, including the key role played by the Credit Suisse crisis, which led to the loss of about $183 billion in assets from 2022 to mid-2023. Although the situation was stabilised by the merger of Credit Suisse with UBS, this event left a deep mark on Switzerland’s reputation as a reliable financial centre.
Despite these challenges, Switzerland continues to maintain its competitive advantages, including a high level of infrastructure, property rights protection and skilled personnel. Clients from Europe and the Middle East remain loyal to Switzerland because of its stability and reliability. However, the introduction of new tax and regulatory restrictions, as well as the long-term impact of the Credit Suisse crisis, could jeopardise the country’s long-term attractiveness as a financial centre.
