Switzerland is one of the world’s leading and most competitive financial centres. The financial sector is thus hugely important to its economy.
Swiss financial centre
Switzerland is one of the world’s leading and most competitive financial centres. It manages around one quarter of the world's cross-border assets, which accounts for the large number of banks and insurance providers in the country. Switzerland's main financial hubs are Zurich and Geneva – both of international significance – followed by Lugano in third position. Its financial sector is a pillar of the Swiss economy and generates around 10% of the country's GDP.
Switzerland sets global standards in tax matters, combating money laundering and terrorist financing, and financial market stability. At the same time, it creates the necessary legal and regulatory conditions so that its financial centre can provide high-quality products and services and remain innovative, such as by lowering market entry barriers for fintech companies.