Swiss banks benefit from geopolitical tensions
Keystone-SDA
Assets managed by Swiss banks reached record levels in 2024, fuelled by an influx of foreign clients escaping geopolitical uncertainties.
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According to a statement issued by the Swiss Bankers Association on Thursday, assets managed by 230 Swiss banks rose by 10.6% to CHF9,284 trillion last year. Of this total, CHF4,225 trillion was attributable to foreign clients and CHF5,059 trillion to domestic clients.
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Assets from abroad were 10% higher than in the previous year. Switzerland thus remained the world leader in cross-border wealth management for private clients.
Experts surveyed by the Swiss Bankers Association attributed the growth primarily to geopolitically motivated capital inflows, as Switzerland once again proved its role as a safe haven. Political stability, legal certainty and a stable currency were cited as key factors in Switzerland’s attractiveness as a business location.
According to the experts’ estimates, cross-border wealth management is likely to continue to grow in 2025. The Swiss Banking Outlook expects growth in the range of 2.5% to 5%. According to the outlook, the inflow of new money will be fuelled in particular by geopolitical risks and uncertainties in the United States.
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Translated from German by DeepL/mga
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