The financial sector: a stable mainstay of the Swiss economy (2024)

FAQs

How much of the Swiss GDP is the financial sector? ›

Insurance companies and banks are one of the cornerstones of the Swiss economy, generating around 9% of GDP. In 2022, the financial sector generated approximately CHF 69 billion in added value and employed around 218,000 full-time equivalent staff.

"Services" are the most important part of the economy. This includes banking, assurances and tourism.

Switzerland's openness to foreign trade and investment continues to encourage a dynamic and resilient economy. The competitive and modern regulatory framework allows business formation and operation to be efficient and dynamic. Labor regulations are relatively flexible.

Approximately 74% of Swiss GDP is generated by the services sector and 25% by industry. The agricultural sector contributes less than 1%. The EU is Switzerland's main trading partner. Around 67% of Swiss imports are from the EU, while 50% of Swiss exports are to EU countries.

Although results vary, most estimates place the financial services sector at around 20-25% of the world economy.

Starting from a value of 1.74 trillion U.S. dollars in 2002, the total assets of Swiss banking corporations peaked at a value of 3.14 trillion U.S. dollars in 2021. In 2022, bank assets decreased slightly, amounting to 3.04 trillion U.S. dollars.

Switzerland has proved resilient through the pandemic, geopolitical turmoil and reverberations in energy markets. Unemployment and inflation are low, and living standards are among the highest in the OECD. This is reinforced by a dynamic market-based economy, highly skilled workforce and prudent macroeconomic policies.

The Swiss economy is service-oriented, but also has a strong, export-focused industrial sector. Swiss watches, which are a product of this sector, are known worldwide for their high quality.

Banking has played a dominant role in the Swiss economy for two centuries. According to the Organization for Economic Co-operation and Development (OECD), total banking assets amount to 467% of total gross domestic product. Swiss banks managed $2.4 trillion (CHF2.

Consensus-based decision making

Switzerland's sovereignty rests with its people, who hold supreme political power. And as a neutral country, Switzerland doesn't take part in armed conflicts or military alliances. This neutrality is an important pillar of Swiss foreign policy.

What is the average salary in Switzerland? ›

Industrialization and innovation

Switzerland is renowned for having a strong and varied export market. Pharmaceuticals, gems, chemicals, and machinery are the main contributors. Another key factor is Switzerland's focus on its own industries.

Switzerland is home to an estimated 110 billionaires — one for every 80,000 people — with a combined wealth of $338 billion, outranking other super-rich hotspots. So what makes it such an attractive place for the uber-rich, and how does that affect the rest of Swiss society?

In 2022, China had the largest banking sector, with financial assets worth more than 47 trillion U.S. dollars.

The financial sector remained a major contributor to the Swiss economy in 2022 in terms of growth, employment and tax revenue. The collapse of Credit Suisse and its takeover by UBS last spring are likely to affect the labour market in particular.