For decades, Switzerland has been regarded as the most important location for cross-border wealth management. In 2025, Hong Kong overtook it at the top, according to a recent BCG study. With around US$2.9 trillion, Switzerland remains one of the leading centers, but the ranking now looks different. What this shift says about the competitiveness of the financial center is still an open question.

The Finance Circle on November 9, a event organized by ZHAW Zurich University of Applied Sciences and the Zurich Bankers Association (ZBV), is dedicated to the question of how the Swiss financial center can defend its position in international competition. 

For August Benz, Deputy CEO and Head of Transformation & International at the Swiss Bankers Association, the change in ranking comes as no surprise. The development had been taking shape over several years. Hong Kong benefits directly from exceptionally strong wealth growth in Asia: just under 60 percent of the assets managed there come from investors from mainland China, for whom Hong Kong is the most important gateway to international investments.

In Switzerland too, cross-border assets under management grew significantly in 2025, just not as strongly as in Hong Kong. At the same time, Swiss banks are successfully present in growth markets such as Hong Kong itself and therefore participate directly in its dynamism. 

The change in ranking shows how dynamically the balance of power in global wealth management is shifting. For Switzerland, it is therefore crucial to consistently strengthen the international competitiveness of its financial center.

What supports the financial center

For the Swiss financial center, it is not size alone that matters, but also the quality of services and the structure of the assets served, Benz says. He sees a particular strength in its broad international orientation: around 46 percent of the assets managed here come from clients domiciled abroad. The geographical diversification of assets under management reduces dependence on individual markets and contributes to the stability of the financial center.

Added to this are political and economic stability, legal certainty, as well as a high level of expertise and excellence in the management of international assets. Especially in a geopolitically and economically challenging environment, these strengths matter even more.

Where new wealth is created

Switzerland's strength lies precisely in not being dependent on a single market. This global positioning needs to be maintained while at the same time growing where new wealth is created. Western Europe remains a key market, while Benz sees growth potential in the Middle East as well as in selected markets in Asia and Latin America.

He counts affluent private clients, entrepreneurial families, and family offices among the important target groups, whose needs range from diversification across markets, currencies, and asset classes to financing, succession, and generational issues. For Swiss banks to seize these opportunities, open and fair market access conditions as well as internationally coordinated, innovation-friendly regulation are needed. Politics and authorities also play an important role in the international positioning of the Swiss financial center.

What matters after tax transparency

With the automatic exchange of information (AEOI) and FATCA, comprehensive international transparency standards have been in place for years, Benz notes. The fact that clients from all over the world continue to choose Swiss banks is ultimately a matter of trust.

For Switzerland, this is supported by a combination of political and economic stability, legal certainty, international expertise, and a wealth management culture that has grown over decades. Especially in complex international wealth situations, it is not a single service that counts, but the ability to combine different needs sustainably and professionally. This position is not something to be taken for granted; it must be reaffirmed time and again through quality, performance, and reliable framework conditions.

Higher expectations

Client demands have become significantly more diverse, Benz says. Today, clients expect not only wealth management, but comprehensive support for financial issues across life stages, generations, and regions. At the same time, many investors are pursuing a broader diversification strategy, in which geographical allocation is becoming more important alongside asset classes.

Digitalization is also changing expectations of the bank-client relationship: clients want simple and direct digital access to information and services, without giving up personal advice for complex decisions.

Swiss banks have shown in recent years that they can adapt to new client needs, regulatory requirements, and technological developments. This ability to evolve, and the combination of personal advice, international expertise, and new technological possibilities, will also remain crucial in the future.

Conclusion: what matters now 

With US$2.9 trillion, Switzerland remains a leading center for cross-border wealth management. The decisive factor will be whether it can further develop market access, framework conditions, and service quality in such a way that it can hold its own in international competition. Whether that succeeds will be a defining issue for the financial center as a whole.

Register now and join the discussion

Learn more about the future of cross-border business and the question of how the Swiss financial center can maintain its position in international competition in exchange with leading experts.

These are exactly the topics that will be discussed further at the Finance Circle. Register online."