The picture that emerges is not about money being stored in Switzerland, but about money processed through Switzerland: governed, structured and deployed globally.

Deloitte’s International Wealth Management Centre Ranking 2024 maps the global “source to destination” matrix for cross-border wealth. In this framework, Switzerland remains a primary booking centre for two regions in particular:

• Europe/Switzerland: approximately USD 1.17 trillion
• Middle East & Africa/Switzerland: approximately USD 450 billion[1]

The pattern is structural: proximity, long-standing advisory relationships, a deep bench of providers, and a legal environment designed to handle multi-jurisdiction complexity at scale.

Other regions show different patterns. North American wealth is more diversified across the UK, US, and Switzerland, while Asia Pacific wealth flows predominantly to Hong Kong (USD 650 billion), with Switzerland playing a secondary role.

Swiss wealth management is often discussed as “assets in Switzerland”. A more precise description is: assets administered in Switzerland through custody, mandates, and reporting infrastructure.

The Swiss Bankers Association reports CHF 9,284bn in assets under management at banks in Switzerland (2024). Within that, cross-border assets under management for private clients were CHF 2,427bn. [2]

A defining characteristic of Swiss wealth management is its custody-centric structure. According to the Swiss Bankers Association, approximately 86% of the assets managed in Switzerland are held as securities in custody accounts rather than cash deposits[3]. That is Switzerland’s core business model: not passive storage, but portfolio administration: custody, corporate actions, manager selection, reporting and risk management wrapped in a stable legal framework.

Banking secrecy is no longer the defining attribute. The modern Swiss “edge” is execution competence: Switzerland as a place where sophisticated private capital can be governed cleanly and operated professionally.

Switzerland implemented the Automatic Exchange of Information (AEOI/CRS) with the legal basis entering into force on 1 January 2027, with data collection from 2017 and the first exchanges taking place in 2018[4]. This matters because it shifts the “Swiss advantage” away from opacity and towards regulated confidentiality plus operational competence.

Onboarding and monitoring are similarly codified. FINMA states that, for banks and security firms, the obligation to verify the identity of the contracting party and identify the beneficial owner is governed by the Swiss banks’ due diligence agreement CDB 20, enacted by the Swiss Bankers Association and approved by FINMA[5]. In parallel, Switzerland’s financial intelligence function has become more visible. The Money Laundering Reporting Office Switzerland (MROS) received 15,141 suspicious activity reports in 2024, a 27.5% increase compared with 2023[6].

Enforcement shows these are not abstract rules. FINMA found that HSBC Private Bank (Suisse) seriously breached anti-money laundering obligations in connection with politically exposed persons and imposed measures to restore compliance[7]. Regulatory pressure is not limited to large institutions: the Financial Institutions Act (FinIA), fully enforceable from 2022, expanded licensing and supervision to portfolio managers and trustees, raising the compliance baseline and cost of doing business across the wealth ecosystem[8].

In short, Switzerland edge is not that compliance is lighter. It is that compliance, custody and reporting are organized into a mature operating model, one can be efficient for well-documented clients, demanding, for everyone else.

In practice, the flow has three moving parts: (1) where the capital originates, (2) why it is booked and managed in Switzerland, and (3) where it is ultimately gets invested.

Beneath the banking system sits the institutionalising layer: single family offices (SFOs). These are often the entities that turn “wealth booked in Switzerland” into an investment programme with asset allocation, manager selection, co-investments and governance.

A Reuters report on a Swiss Single Family Office Association study notes an estimate of 250-300 Swiss-based SFOs overseeing around CHF 600bn (USD 670bn)[9].

These SFOs play a critical role in transforming booked wealth into investment decisions. Their portfolios are markedly institutional, with a significant allocation to alternative assets, particularly private equity and private debt. The study also provides one of the clearest available insights into geographic allocation among Swiss family offices:

• North America: ~ 33% of portfolio allocation
• Switzerland: ~ 32%

This is the Swiss flow in one line: wealth is booked in Switzerland, governed through Swiss infrastructure, then allocated into global markets, often with a pronounced tilt toward North American depth and liquidity.

However, despite its scale, Switzerland’s position is no longer unchallenged. Foreign assets under Swiss management declined from USD 2.624 trillion (2020) to USD 2.174 trillion (2023), reducing Switzerland’s offshore market share from 23.7% to 21.4%[10].

The competitive story is not ideological. It is operational: other centres offer strong providers, large capital markets and sometimes more favourable regulatory/tax positioning.