by Switzerland’s finance industry: a little less important than a decade ago, but still a big plank of the economy. Keystone / Gian Ehrenzeller The contribution of Switzerland’s finance industry to the country’s gross domestic product (GDP) has decreased over the past ten years. The share of GDP accounted for by financial and insurance services was 9% last year, down from 10% in 2011, the State Secretariat for International Finance (SIF)External link said in a report published on Wednesday. By comparison, the size of the financial sector in Luxembourg is 25.1% of GDP. In Singapore it’s 13.8%, in the US 8.9%, and in the UK 8.2%, the SIF wrote. The number of employees in the Swiss finance sector dropped from around 216,400 in 2011 to 211,605 in 2021, and now account
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Business, Featured, newsletter
This could be interesting, too:
Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?
Connor O'Keeffe writes The Establishment’s “Principles” Are Fake
Per Bylund writes Bitcoiners’ Guide to Austrian Economics
Ron Paul writes What Are We Doing in Syria?
Switzerland’s finance industry: a little less important than a decade ago, but still a big plank of the economy. Keystone / Gian Ehrenzeller
The contribution of Switzerland’s finance industry to the country’s gross domestic product (GDP) has decreased over the past ten years.
The share of GDP accounted for by financial and insurance services was 9% last year, down from 10% in 2011, the State Secretariat for International Finance (SIF)External link said in a report published on Wednesday.
By comparison, the size of the financial sector in Luxembourg is 25.1% of GDP. In Singapore it’s 13.8%, in the US 8.9%, and in the UK 8.2%, the SIF wrote.
The number of employees in the Swiss finance sector dropped from around 216,400 in 2011 to 211,605 in 2021, and now account for 5.2% of the overall workforce.
Fewer banks
The total number of banks declined from 320 to 243, with private banks and foreign-controlled banks recording the biggest decrease.
The development reflects the impact of the structural change in wealth management for foreign assets, according to the SIF.
The four main Swiss banking institutions meanwhile accounted for 45% of the entire balance sheet totals in 2020.
Fintech boost
Latest figures also show Switzerland becoming a global hub for start-ups that rely on blockchain technology, mainly in the fintech sector.
The number of such companies climbed from 842 in 2019 to 1,128 in 2021, and accounted for just over 6,000 employees.
Finally, total capital investments of Swiss insurers increased to CHF579.5 billion ($611.4 billion) in 2020 from CHF490.6 billion in 2010, the SIF reported.
You Might Also Like
Switzerland sounds out Qatar over gas supplies
2022-03-24
Switzerland plans to open negotiations with Qatar over the potential delivery of liquefied natural gas (LNG) supplies. The Alpine state is scouting for new energy suppliers, following the Russian invasion of Ukraine.
Russian clients have up to CHF200 billion in Swiss banks
2022-03-16
Swiss banks hold between CHF150 billion and CHF200 billion ($160-$214 billion) in assets belonging to Russian clients, according to the Swiss Bankers Association.
Credit Suisse client data leak sparks political storm
2022-02-22
Switzerland is facing calls to clean up its financial sector in the wake of the so-called “Suisse Secrets” controversy, which drew on leaked data from banking giant Credit Suisse. Many see the scandal as evidence of systemic shortcoming in the Swiss banking sector, which has undergone major reforms over recent years in a bid to shake off its image as a financial haven for criminals.
Glencore sets aside $1.5bn to settle UK, US and Brazil probes
2022-02-16
Glencore expects to resolve bribery and corruption investigations in the UK, US and Brazil this year and has set aside $1.5 billion (CHF1.4 billion) to cover potential fines and costs.
Stable income but higher taxes for Swiss households
2021-11-27
The average private household in Switzerland spent about 31% of its income on taxes, social security and health insurance premiums in 2019.
Moving up in the world: could you work from home in the Alps?
2021-11-23
During the pandemic, some skiers have been doing just that. But does the romantic vision tally with the reality? It was in May, while hiking along the forest trails and waterfalls of La Tièche, with views towards the snow-dusted peaks of the Matterhorn and Mont Blanc, that fitness coach Jessica Z Christensen decided to spend more time in the Swiss mountains.
Geneva-Lausanne train link remains suspended
2021-11-12
The holes were caused by tunneling work under the tracks carried out by a private company, which was working on a thermal energy project using water from Lake Geneva to heat an industrial zone not far from the train line. Keystone / Jean-christophe Bott
The main rail link between Geneva and Lausanne in southwestern Switzerland will not re-open until Friday morning, Swiss Federal Railways (SBB/CFF) has confirmed. The line has been suspended since Tuesday after land collapsed near the tracks.
This content was published on November 11, 2021 – 09:57
November 11, 2021 – 09:57
Keystone-SDA/sb
Holes that appeared between tracks at Tolochenaz, near Morges in canton Vaud, on Tuesday still require major work, which is proving more complicated than expected, the Federal Railways said.Two holes
Swiss expats thrown limited banking lifeline by digital disruptor
2021-11-10
Digital bank Yapeal is offering basic accounts to Swiss people living in neighbouring countries that undercut the rising fees of mainstream competitors.
Tags: Business,Featured,newsletter