Switzerland retains its position as world number one in wealth management, according to the Deloitte International wealth management centre ranking (IWMCR) study published in early October. In 2020, Switzerland recorded growth of 7.3% in assets under management, to 2,624 billion dollars, thus ahead of the United Kingdom and the United States. In terms of competitiveness, however, Switzerland has two weaknesses according to the study: a small domestic market and the relatively lower profitability of wealth management service providers. The suspension of negotiations between Switzerland and the EU on the framework agreement is also weakening the financial sector. To conclude the study, Deloitte calls on wealth managers notably to introduce new digital spaces with clients, and to improve their products to give clients easier access to private markets, cryptocurrencies and tokenised assets.
