Switzerland Swiss financial centers
Switzerland as a good location for financial services Switzerland is often considered as a single financial centre, but financial services and activities take place primarily through five hubs: Zurich, Geneva, Basel, Ticino and Vaud. In Switzerland, the financial sector itself is a supporting pillar of the economy, generating nearly 11% of the national GDP and employing over 211,000 people. Banks are the key players in the sector. Switzerland had 305 banks authorised by Finma at the end of 2012. Wealth management is at the core of Swiss banking activities. Historically, Switzerland gained prominence in wealth management during the 20th century thanks to the combination of a stable currency and economy, neutral policy and robust bank client confidentiality. At the end of 2011, Swiss banks managed assets totalling CHF 5,300 billion of which 51% belonged to foreign clients. Switzerland is indeed a leading player in cross-boarder private wealth management with a 27% share of the market. Three Swiss banks, including UBS and Credit Suisse, can be found in the top ten of the world’s biggest wealth managers. The second most important players are insurers. In 2010, 66% of their global premium income for private insurance and re-insurance
was generated abroad indicating their high level of internationalisation. Swiss insurance companies have increasingly specialised in re-insurance making of Switzerland the fourth largest player in reinsurance in the world. Switzerland is also a major player in currency trading, commodity trading and commodity trade finance as well as in the management of funds and hedge funds. Switzerland is often considered as a single financial centre, but financial services and activities take place primarily through five hubs – Zurich, Geneva, Basel, Ticino and Vaud. Of these, only Zurich and Geneva are currently included the Global Financial Centres Index.
Swiss Gross Domestic Product
key figures
564.85 billion CHF
#5
781 Zurich
689 Geneva
Added Value as a % of GDP
59.25 billion CHF Financial sector Added Value
.34
#1
London
SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013
10,5%
#9
679