Boston, MA -- (ReleaseWire) -- 03/11/2014 -- While the rest of Europe has been in decline due to the economic downturn, the economy of Switzerland has continued to remain stable in terms of unemployment and its local currency. This has made the Swiss market attractive for local development and foreign investors alike, as the wealth management market in Switzerland is fully developed and is occupied by private banks that offer unique services to stay ahead of the competition.
Major banks are now investing in focusing on wealth management strategies to create a diverse range of products to attracts HNWI’s to bank with them. Domestic banks have developed a wide range of products and have established a large base from which to provide high quality products, both in Switzerland and around the world. Recent EU reforms to the banking sector could have a large impact on Switzerland’s unique selling point of customer privacy.
Economists are estimating further growth in the Swiss wealth management industry, as the private banks that are already in the industry look to improve their service and increase their market share. Being able to assess cost-cutting measures in order to increase profits, while still providing exemplary levels of service to the client, will be crucial. The report, “Challenges and Opportunities for the Wealth Sector in Switzerland 2014,” gives more details.
Much of the growth in Switzerland’s wealth management and private banking sector so far has been driven by the growth in personal wealth and the number of HNWIs and UHNWIs in Switzerland and across countries such as Russia, China and the US. However, recent sanctions that have come into place have challenged Switzerland’s unique point of being a tax haven for global HNWIs.
The Swiss economy was impacted by the global financial and eurozone crises in 2008-09. After a strong fall in the country’s growth rate during 2009, the country recovered from the fall of 2009 to 3 percent growth in 2010. Economists forecast growth for the next five years.
In this report, you can find the following information:
- In-depth analysis of the state and distribution of wealth throughout Switzerland.
- A segmented breakdown of the wealth sector fundamentals, including the distribution of wealth and HNWI and wealth trends.
- A detailed look into the competitive landscape of the wealth sector, including HNWI trends.
- An analysis of additional components of the wealth sector in Switzerland, such as philanthropy, wealth transfer and a study of regulations on taxes.
You can find more information about this report, including key insights, market drivers, a full abstract, companies included, and a detailed table of contents at www.FastMR.com.
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