Switzerland has a unique place in private banking and wants to keep it

When you think of private banking, you are more likely than not going to think of Switzerland.

As we come closer to Private Banking Switzerland 2020, an event not to be missed, it is time to look at the state of the nation. This time next year, the scene could be entirely different if the rumoured merger between UBS and Credit Suisse happens. However, it is not the first time this idea has been floated.

According to GlobalData, HNWIs accounted for 2.1% of the total adult population and 6.06% of total affluent investors in 2018. These are high proportions compared to the rest of the world. It is forecast that HNWIs will be 2.4% of the total population by 2023.

Furthermore, the number of HNWIs is expected to grow by 20%. That will represent more than 31,000 more millionaires in Switzerland.

In 2018, the total number of people with over $750,000 in assets was only $75% of those with under $25,000. This is amazing in itself, but it is set to be equal numbers by 2023. The wealthy are set to get even wealthier in the near future.

In this very issue, we look at how certain banks view Switzerland and its future. UBS, HSBC and Mirabaud have contributed their strategies for the region.

It will be a very interesting place to examine in the coming years.

As I mentioned before, Private Banking Switzerland 2020 is coming up and you can register for it here: www.arena-international.com/private-banking-wealth-management-switzerland-2020-conference-and-awards/

Patrick Brusnahan

Editor, Private Banker International