Switzerland holds top spot as international wealth management hub: report

GENEVA - Switzerland remains the world's largest wealth management center for international assets, but it is losing ground at the top, and other financial hubs are gaining ground, a global report said Friday.

A total of $1.84 trillion, around 7 percent less than in 2010, of international assets, were managed in Switzerland at the end of 2017, says the latest Deloitte Wealth Management Center Ranking.

Britain ($1.79 trillion) increasing by 9 percent in the past seven years and the United States ($1.48 trillion) gaining 48 percent followed closely behind Switzerland.

Asian financial centers such as China's Hong Kong (up 122 percent) and Singapore (up 12 percent) are emerging as increasingly important players in the international wealth management market, the report said.

The three largest international wealth management centers manage around 60 percent of the total international market volume said Deloitte.

Deloitte also puts Switzerland at the top when it comes to competitiveness and performance.

The Swiss wealth management hub benefits from high political and economic stability, as does Singapore, the authors write.

However, Switzerland outperforms Singapore in terms of provider capability, especially service quality and digital maturity.

"Switzerland is still the go-to place for first-rate client experience, which is why we can be confident about the future of the Swiss wealth management hub," said Daniel Kobler, who leads Deloitte's Private Banking & Wealth Management Industry in Switzerland, Swissinfo, the website of the national broadcaster reported.

"Swiss banks have done their homework well in the last couple of years, and even got their relatively high costs under control, increasing their cost-to-income ratios and profitability," he said.

Switzerland continues to have a competitive edge thanks to the digital skills of its workforce, its longstanding know-how in serving international clientele and customer-oriented approach, according to the report.