The view of international clients

Asian clients

For clients from Asia, the choice between Zurich, Singapore and Hong Kong is rarely exclusive. A typical entrepreneurial family from Southeast Asia or Greater China keeps its operating accounts and part of its liquid wealth in Singapore or Hong Kong, where its relationship managers speak its language, work in its time zone and understand its business. It places a second portfolio in Switzerland for reasons of diversification, legal certainty and neutrality. The results of Julius Baer for 2025 illustrate the pattern. The Zurich-based bank reported record assets under management of CHF 521 billion and net new money of CHF 14.4 billion, with Asia as the main driver of inflows, led by Hong Kong, India, Singapore and Thailand, followed by Western Europe and the Middle East.¹ Much of this business is booked in the bank’s Asian hubs, while advice, product design and risk management remain in Zurich.

In practice, the arguments that Asian clients weigh are consistent. In favour of Zurich they cite the long history of Swiss private banking, the stability of the franc, the independence of the courts and the distance from the geopolitical tensions of the Pacific. Against Zurich they cite the cost of services, the documentation requirements imposed by Swiss banks, the time difference and the memory of the collapse of Credit Suisse, which many Asian investors in additional tier 1 bonds experienced as a breach of the order of creditors.² Language plays a smaller role than often assumed, since the international parts of Zurich’s financial centre work in English, as the chapter on language in Part K shows, and several Swiss banks employ Mandarin-speaking advisers in Zurich and in Asia.

Clients from the Middle East

Clients from the Gulf and the wider Middle East have a long relationship with Geneva and Zurich that predates the rise of Dubai. For them, Switzerland has traditionally offered discretion, security and a neutral location far from regional conflicts. Today many of these families maintain their principal banking relationships in Dubai, Abu Dhabi, Riyadh or Doha and keep a Swiss portfolio as a reserve. The flight-to-safety flows that BCG observed in 2025 reflect this role. The Emirates, in turn, attract clients from India, Pakistan, Iran, Russia and Africa who would once have gone to Switzerland directly. For Zurich the practical response has been to establish a presence in the Gulf. Swiss banks serve these clients through representative offices and licensed entities in the DIFC and the ADGM, while offering Swiss custody for the part of their wealth that clients want outside the region. Sanctions and anti-money-laundering rules, described in Part I, set firm limits to this business, especially with clients connected to Russia or Iran.

Clients from the German-speaking countries

For clients from Germany, Austria and Liechtenstein, the question of competition presents itself differently. Part K has described how Zurich became the financial centre of the German-speaking economic area, and how the end of banking secrecy for foreign clients transformed the relationship from tax evasion into declared and tax-compliant wealth management. For these clients, the relevant competitors of Zurich are Frankfurt, Munich, Vienna, Luxembourg and Liechtenstein, while Singapore and Dubai play a marginal role. What draws them to Zurich is the combination of language, proximity and a legal and political culture that they understand, together with the franc as a currency outside the euro area. What holds them back is the lack of European market access, which prevents Swiss banks from actively serving them across the border, and the cost of Swiss services. German entrepreneurs who relocate to Switzerland, a movement described in Part K, often choose Zug, Schwyz or Thurgau for their residence while keeping Zurich as the place where their wealth is managed and their companies are advised.

Notes

1. finews.asia, “Julius Baer: Profit Drops While AUM Hits Record in 2025”, 2 February 2026, https://www.finews.asia/finance/44631-julius-baer-stefan-bollinger-financial-results-2025. ↩
2. Andreas R. Ziegler, “Japanese investors file suit against Switzerland over Credit Suisse bonds”, International Law in Switzerland, 5 December 2025, https://intlawch.wordpress.com/2025/12/05/japanese-investors-file-suit-against-switzerland-over-credit-suisse-bonds/. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.