Banks care: tech and healthcare billionaires are exactly the type of newer money they are interested in wooing by offering sophisticated, tailor-made products and services that are normally offered to big institutional clients. Swiss banks aren't necessarily the first port of call for Silicon Valley – and American rivals are suiting up to do business as well, as finews.com reported in June.
Tech billionaires are also frequently dramatically younger than «old money» that Swiss banks are accustomed to managing at home: 80 percent of Switzerland's 37 billions are male and over 60 years old (see graph below). They made their money in consumer goods, finance, industrials, other investments – and in healthcare as well.
Unfaithful Heirs
The generational issue is a dicey one: 74 percent of the super-rich would be prepared to entertain wealth services from big tech company like Google, Apple, Amazon, and Facebook, according to another recent study. This is especially true for the generation of under-40-year-olds, expected to inherit considerable riches in coming years.
UBS doesn't see an end to the «polarization» within the super-rich: «The trends we've seen in recent months look to prevail into next year,» the bank said.
As public debt levels rise, digitization advances, and the world becomes less globalized, «areas of the economy which are growing rapidly now can better tackle the new challenges,» UBS noted.
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