Secrecy Crackdown Leaves Switzerland Defending Its Wealth Manager Crown From Hong Kong

Switzerland defended its position as the world’s top wealth manager, though competitors including Hong Kong and the U.S. are quickly narrowing the gap after a crackdown on banking secrecy, according to Deloitte LLP.

“Swiss banks have done their homework in the last years, having been able to decrease costs and increase profit margins,” Daniel Kobler, head of private banking and wealth management for Deloitte in Switzerland, said in a report.