Despite the rough patch that the Swiss banking sector has been going through lately, it didn’t lose its foothold on the world market of private wealth management services.
However, the country has lost its world leadership in this sphere, which is frustrating for Swiss bankers. Back in 2005, Switzerland was managing 8.6% of all global assets to have reduced this figure to a mere 4% now. The reason is obvious – the Swiss banks have introduced Beneficiary information disclosure after various scandals involving data leakage and subsequent penalisations in relation to Beneficiaries by the government of their respective jurisdictions of tax residence. But what devastated the banks most is the persecution by US authorities.
52% of the world asset management is accounted for the US. Besides, the country is strengthening its presence in private wealth management, and it was the US pressure with respect to the Swiss banks that pushed Switzerland back to 7th place in the world asset management chart-list, whereas in 2005 the country was ranked in third.
78% of assets allocated to Swiss banks are actually being managed, while 22% are simply kept on bank accounts.