Today Geneva is universally recognized as a global financial center. Its reputation depends on the expertise and skills of the 35,600 people working in finance and banking. Innovation is another key success factor. The Geneva financial center is exploring many promising avenues to pioneer the finance of the future, including FinTech, sustainable finance and philanthropy.
Created in 1991 by the 80 banks that were members of the Geneva stock exchange, the Geneva Financial Center (GFC) is the umbrella association of the financial sector. The financial sector generates 35,600 jobs and accounts for 12% of Geneva's GDP. It is based on three main pillars: private and institutional wealth management, commodity trade financing, and commercial and retail banking. With the presence of activities such as marine freight and inspection, Geneva has emerged as an economic cluster with a unique concentration of skills. The central mission of the Geneva Financial Center is to support this value chain and to contribute to the development of an optimal business environment for all financial center partners.
The third Deloitte International Wealth Management Centre Ranking shines light on the competitiveness between international private wealth management centres and analyses their market volume, growth performance, profitability and efficiency over the past years.
The business environment for international wealth management centres has become more challenging over the last years. The focus for competitiveness has shifted towards provider capability and digital maturity. Between 2010 and 2017, there has been a fall in international market volume (IMV) as well as net new assets (NNA) of the leading centres. Cost competitiveness remains an ongoing challenge.
Switzerland still remains the biggest centre with US$1.84tn international market volume. The centre’s well-rounded competitive characteristics enabled it to outperform its global counterparts by increasing its profit margin by 18.2% between 2015 and 2017.