Press Releases

Contact Media Team

Please contact our media team for a quote from one of our expert analysts, or extended comment and opinion on the wealth industry at large.
+44 (0) 2079 366 713

Request a Demo

Swiss millionaires: 2020 prediction still stands true

23 Feb 2015

Unlike many countries in Europe, Switzerland has shown itself to be one of the most developed economies in the world, especially in the banking sector. However, problems that emerged in recent years might force investors to move their capital to other major hubs, according to WealthInsight.

Tax evasion and the FATCA rulings have both had a significant impact on Switzerland's reputation could have long term consequences for the private banking sector. According to WealthInsight, Switzerland will struggle to compete with the other major banking hubs of London, Singapore and Hong Kong over the next five years.

Tom Carlisle, analyst at WealthInsight, says: "The most recent example has been HSBC, who have been hiding HNWI cash in the British Virgin Islands, avoiding a tax that has been implemented by the EU."

"Over the near future this could have a fundamental effect on the private banking market in Switzerland and may give the edge to Singapore, which WealthInsight expects to overtake Switzerland as the main private banking hub by 2020," says Carlisle.

"This is evident by the future projection, with significant investment being moved out of Switzerland, increasing from US$754.5 billion in 2014 to US$1.2 trillion in 2019," says Carlisle.

The Switzerland HNWIs held US$1.4 trillion in 2014, an increase of 36.7% over the same period. Switzerland HNWI wealth is predicted to reach US$2.0 trillion by 2019.

Other highlights from the whitepaper:

  • Switzerland has 100.7% more HNWIs (309,474) than Singapore (154,189).
  • 54.0% of Switzerland HNWI foreign wealth is invested overseas, with the highest percentage (32.2%) being invested in North America.
  • Switzerland is forecast to have more billionaires in 2019 (76) than Italy and Spain combined (50).
  • 41.2% of Swiss HNWIs work in the financial services sector, followed by manufacturing (10.3%), healthcare (7.7%) and retail, fashion and luxury goods (7.5%).

For much more information please see attached white paper: 'Swiss millionaires: 2020 prediction still stands true'.

Source: Company Press Release

To read the full press release, please fill in the form below:

Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.