【Epoch Times News on November 29, 2025】Switzerland’s EFG International AG Chief Executive Officer Giorgio Pradelli firmly believes that despite competition from other financial centers and domestic regulatory pressures, Switzerland will maintain its leading position in global wealth management and private banking.
In an interview with Bloomberg TV on Friday (November 28), Pradelli emphasized, “Switzerland will continue to lead in global wealth management and private banking.” He pointed out that the competition is fierce, with many other financial centers globally “trying to rise.”
The “intense competition” mentioned by Pradelli mainly comes from regions like Asia and the Middle East. These emerging centers are actively challenging Switzerland’s traditional position by offering tax incentives and administrative conveniences, but Switzerland, with its structural advantages, has established formidable competitive barriers that are difficult to shake.
Take Dubai and Abu Dhabi in the UAE as examples, they are rapidly rising and actively competing for wealthy assets by providing attractive tax advantages such as zero personal income tax and simplified residency programs.
Experts in the industry, including Pradelli, pointed out that although emerging markets have tax advantages, they lack the comprehensive financial ecosystem that Switzerland has built over decades, including complex trust management, legal expertise across jurisdictions, and a vast pool of financial talent. These are huge competitive barriers that are difficult to establish in the short term.
Pradelli stated that Switzerland has a mature and stable democratic political system and a reliable legal environment. This high predictability makes it a safe haven favored by high-net-worth individuals as global geopolitical uncertainties increase.
Furthermore, he pointed out that another advantage of the Swiss financial industry is trust and scale. With a core competitive strength of a culture of trust and high standards of service, Switzerland currently manages over a quarter of global cross-border private assets, leading significantly in scale compared to other countries.
Pradelli is optimistic about Switzerland’s position, but also warned of challenges that may weaken its attraction domestically.
Swiss citizens are about to vote on a proposal that would impose a tax of up to 50% on assets exceeding CHF 50 million in estates. Pradelli warned that if the referendum passes, it “will not be conducive to attracting wealthy individuals to the country.”
In addition, Swiss authorities are seeking to impose new capital requirements on UBS Group. UBS has publicly categorized the plan as “excessive” and is considering relocating its headquarters out of the country in response.
Pradelli concluded in the interview, “I have also been optimistic about Switzerland’s financial center in years more pessimistic than today.”
He believes Switzerland will overcome challenges with its strong foundation and maintain its dominant position in the global wealth management sector.