An IMGlobalWealth.com News Report
Asian wealth is increasingly finding its way back to Switzerland. After years in which proximity and operational convenience favoured booking assets in hubs such as Hong Kong and Singapore, Swiss private banks report a marked rise in demand from Asian family offices and ultra-high-net-worth individuals to hold assets directly in Switzerland.
“Executives at institutions including Lombard Odier, Julius Baer, UBS and LGT Private Banking point to growing geopolitical uncertainty as a central driver”
Private bankers say referrals from Asia have accelerated over the past two years, prompting several institutions to expand Asia-focused desks on Swiss soil. Clients are seeking not merely advisory relationships, but the legal booking and physical custody of assets in Switzerland, including holdings such as physical gold stored in domestic vaults.
Despite repeated predictions that the erosion of bank secrecy and tighter international scrutiny would undermine its role, Switzerland remains the world’s leading centre for offshore wealth. According to Boston Consulting Group, Swiss financial institutions managed approximately $2.74 trillion in offshore assets in 2024. This keeps Switzerland marginally ahead of Hong Kong, which held $2.65 trillion, and well above Singapore’s $1.92 trillion, even though both Asian centres have expanded at a faster pace in recent years.
“For many Asian families, Switzerland has become the preferred non-Asian booking centre”
Those same Asian hubs have now become key sources of inflows into Switzerland. Data from the Bank for International Settlements and the Swiss National Bank indicate a sharp rise in deposits by residents of Hong Kong and Singapore. While most Asian clients continue to book assets locally, bankers say the share requesting additional booking in Switzerland has risen steadily since 2019.
Executives at institutions including Lombard Odier, Julius Baer, UBS and LGT Private Banking point to growing geopolitical uncertainty as a central driver. Political developments in Hong Kong, followed by the global repercussions of Russia’s invasion of Ukraine, have reinforced the appeal of spreading assets across jurisdictions viewed as stable and predictable.
For many Asian families, Switzerland has become the preferred non-Asian booking centre. Bankers estimate that clients typically allocate around 10 to 15 per cent of their wealth outside the region, with Switzerland the first choice when looking beyond Asia. Recent changes to the UK’s non-domiciled tax regime have also reduced London’s appeal, particularly for Asian investors with real estate exposure, indirectly benefiting Swiss private banks.
In response, banks have expanded their Asia desks in Zurich and Geneva. While Switzerland cannot compete with Asian markets on certain transactional costs, its enduring strengths lie elsewhere: legal certainty, political neutrality and a long-standing reputation as a discreet custodian of global wealth.
