Top 10 Swiss Private Banks by AUM: The 2025 Definitive Ranking

Executive Summary

Switzerland’s private banking scene in 2025 is dominated by UBS Group AG, which has significantly extended its global lead following the acquisition of Credit Suisse. This move places UBS well ahead of other formidable institutions in terms of Assets Under Management (AUM). Nonetheless, major names like Pictet Group, Julius Baer Group Ltd., J. Safra Sarasin Group, and Edmond de Rothschild Group continue to showcase strong performance through robust organic growth, savvy strategic initiatives, and steady net new asset inflows.

This definitive ranking of the top 10 Swiss private banks by AUM—largely reflecting end-of-year 2024 data—reveals both industry consolidation and resilience. While UBS’s merger-driven scale remains unmatched, other major players have harnessed favorable market conditions and client trust to expand their asset base. Despite UBS’s towering presence, a closer look at profitability, efficiency ratios, and net new money trends exposes a vibrant and highly competitive sector. On the horizon, further mergers and acquisitions (M&A) are expected as efficiency pressures persist and strategic growth opportunities arise.

As you explore these rankings, remember that different banks report varying definitions of AUM, and currency exchange rates can skew direct comparisons. Overall, Swiss private banks remain world-class institutions, successfully balancing tradition and adaptability in a fast-evolving financial landscape.

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I. Introduction: The Swiss Private Banking Arena in 2025

A. The Enduring Prestige and Evolution of Swiss Private Banking

Switzerland’s reputation for finance is legendary, characterized by expertise, discretion, and a stable regulatory environment. For generations, the country has held the top spot in global wealth management, serving as a magnet for high net worth individuals (HNWIs), entrepreneurs, and business owners worldwide. Despite these longstanding advantages, Swiss private banking continues to evolve. Heightened regulatory scrutiny—both at home and abroad—shapes compliance and operating models, while global macroeconomic shifts (like changing interest rate environments) test profit margins and core strategies. Technology is also a game-changer: Wealth managers have to update digital channels, ramp up client-facing platforms, and refine internal processes to keep up with rapidly rising client expectations.

At the same time, strategic consolidation defines the current landscape. The acquisition of Credit Suisse by UBS is a landmark illustration of this trend, but it’s also evident in the wave of smaller transactions reshaping the industry.

B. Report Objective and Scope

This report offers a definitive ranking of the top 10 Swiss private banks based on AUM, focusing on data predominantly from the end of 2024. It includes universal banks with major wealth management divisions, traditional family-owned private banks, and cantonal banks that maintain significant private client portfolios. Global giants with a noteworthy Swiss wealth management presence are considered if the scale of their operations within Switzerland meets the threshold for inclusion.

By spotlighting each institution’s AUM, strategic positioning, and growth drivers, this analysis aims to give you a holistic view of who’s currently shaping Swiss wealth management. While AUM is a major indicator of size and success, it’s important to factor in other metrics—profitability, net new money, and cost efficiency—to fully appreciate an institution’s performance.

C. Data Sourcing and Methodological Approach

Our rankings draw from industry-leading financial news outlets, recognized wealth management research agencies, and official bank disclosures (such as annual reports and press releases). Whenever possible, we highlight each bank’s private banking or wealth management AUM. However, definitions can vary. Some banks report total client assets, which may include institutional assets, while others break out only assets under private banking mandates.

Likewise, currency conversions from USD to CHF and vice versa can affect year-over-year comparisons, especially when exchange rates swing. Where data discrepancies appear, we note them to maintain clarity and help you interpret the figures in context.

II. The Definitive Ranking: Top 10 Swiss Private Banks by AUM (End-2024)

Below is an overview of the top 10 Swiss private banks based on AUM tied to their private banking or wealth management divisions by the end of 2024. Some banks might report broader group assets if specific private banking figures are undisclosed.

Despite being best known for universal banking, Zürcher Kantonalbank (ZKB) lands at number 10 due to its large overall client asset base and solid inflows. Yet the exact AUM tied strictly to private banking isn’t publicly separated. Meanwhile, UBS Group AG stands far ahead at number one, largely driven by the massive integration of Credit Suisse.

Differences in how each bank defines AUM can create statistical variance—most notably with UBS. Some sources cite significantly higher numbers for UBS by including broader global group assets, currency effects, or additional investments post-merger. Many of these top players reported year-over-year double-digit asset growth, owing to robust market performance, strong net new money inflows, and ongoing expansions in targeted regions.

III. Analysis of Ranking Dynamics and Market Movements

A. UBS: The Colossus Post-Credit Suisse Merger

The multi-billion-dollar acquisition of Credit Suisse propelled UBS’s Global Wealth Management (GWM) division to new heights, exceeding USD 4 trillion in invested assets. This integration, however, comes with significant challenges around operational blending, cultural alignment, and cost efficiencies. UBS’s cost-to-income ratio has hovered around 79.5% for 2024, hinting at the complexity of merging two large financial institutions. Still, the sheer scale of UBS grants it unparalleled influence in the Swiss market—and indeed, in global wealth management.

B. The Chasing Pack: Pictet, Julius Baer, and Other Competitors

Switzerland’s wealth management arena remains fiercely competitive. Pictet Group holds strong at number two, showcasing a commendable 14% jump in group AUM. Julius Baer has also kept pace, matching EFG International’s 16.4% growth rate, thanks to strategic growth in Asia and consistent client inflows.

Meanwhile, J. Safra Sarasin (rank 4) has distinguished itself with a high capital ratio and remarkable efficiency—boasting a cost/income ratio under 50%. It remains a firm favorite for investors prioritizing sustainable finance. Edmond de Rothschild, Lombard Odier, Union Bancaire Privée (UBP), and EFG International are each holding their own, demonstrating double-digit AUM growth and a strong emphasis on private client relationships.

C. Market Share Shifts and Net New Money Trends

Net new money (NNM) is often considered the gold standard for gauging organic growth and client trust. In 2024, EFG International led the way in percentage terms, pulling in a 7.1% increase. ZKB, with overall net new inflows of CHF 29.8 billion, highlights the appeal of cantonal stability for many Swiss residents and foreign investors alike.

Even UBS—despite the magnitude of its existing asset base—managed to attract USD 96.7 billion in net new assets. Though this is a lower percentage than some mid-sized rivals, the raw volume is massive. In short, healthy net new money inflows across the sector reflect continuing global confidence in Swiss banking.

D. M&A Landscape and Future Consolidation

Apart from the headline-grabbing UBS takeover of Credit Suisse, other mergers—like EFG acquiring Cité Gestion and J. Safra Sarasin’s planned purchase of Saxo Bank—underscore that consolidation remains part of the Swiss banking DNA. While higher interest rates in 2023 and parts of 2024 briefly cushioned profitability, experts predict renewed M&A activity as banks seek scale to handle technology investments, compliance costs, and a possibly returning low-interest environment.

IV. Methodological Considerations and Data Interpretation

A. Defining “Assets Under Management” in Private Banking

Not all AUM figures are created equal. In Switzerland, some banks report only discretionary mandates, while others lump in advisory assets and institutional mandates. Some highlight assets booked solely in Switzerland, whereas global wealth managers like UBS provide a worldwide total for their entire wealth division. Keeping these definitions in mind helps ensure fair comparisons.

B. Source Reliability and Data Verification

This ranking draws on a variety of reputable sources, including news outlets focused on wealth management, academic research from Swiss institutions, and banks’ own investor relations data. Any discrepancies (e.g., varying AUM totals for Pictet or UBS) are most often due to different cut-off dates, currency conversions, and broader or narrower definitions of “client assets.” Where possible, we specify the scope each bank uses.

C. Impact of Currency Fluctuations

Because Swiss banks often handle assets denominated in CHF, USD, EUR, and other global currencies, exchange rates can significantly affect AUM tallies. A strengthening Swiss franc, for instance, can shrink the franc value of US-dollar holdings. Year-over-year changes in AUM may thus reflect both true market gains and shifts in currency valuations.

D. Limitations

The data in this ranking is primarily as of the end of 2024, and some banks release results on different reporting timetables. Additionally, many institutions don’t offer a private banking-only AUM figure, especially those with universal or cantonal banking models. As a result, certain estimates and definitions are presented as proxies for a bank’s private wealth footprint.

V. Concluding Analysis and Forward Outlook

A. Key Takeaways from the 2025 Ranking

1. UBS’s Dominance: The integration of Credit Suisse places UBS leaps ahead in sheer AUM. Yet integration challenges, high operational costs, and regulatory scrutiny persist.
2. Healthy Competition: Pictet, Julius Baer, EFG, and others demonstrate strong net new money and cost discipline, proving that Swiss wealth management isn’t just about being the largest—it’s about profitability and client satisfaction.
3. Importance of Methodology: AUM definitions vary widely. For an accurate picture of a bank’s performance, examine factors like net new money, cost-to-income ratio, and capital strength alongside absolute asset numbers.

B. Competitive Landscape and Sector Health

Switzerland still ranks among the world’s most attractive wealth management destinations, prized for its stability, regulatory rigor, and legacy of confidential service. As wealthy clients seek diversification and robust asset protection, Swiss banks remain a top choice. However, banks are under pressure to keep investing in technology, streamline compliance, and vie for top relationship managers.

Digital evolution is becoming the cornerstone of competition, with clients now expecting top-tier online platforms and personalized tools. Achieving profitable growth involves balancing the high cost of digitalization with the need to maintain personalized service—part of the Swiss private banking hallmark.

C. Forward Outlook for 2025 and Beyond

Looking ahead, expect further consolidation among mid-sized players as cost pressures, demand for digital innovation, and the need for global reach encourage M&A deals. Meanwhile, net interest margins—temporarily boosted by rate hikes—could recede if global monetary policy shifts again, prompting banks to diversify revenue streams.

Despite these challenges, the Swiss private banking model remains strong, buoyed by the nation’s core advantages: political and economic stability, deep financial expertise, and an unparalleled reputation for discretion. To maintain leadership, Swiss institutions will likely intensify their focus on digital platforms, sustainable finance, emerging wealth markets, and seamless high-touch client service.

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By staying informed about the shifting dynamics of Swiss wealth management, investors, entrepreneurs, and HNWIs alike can find the institution that best aligns with their goals. In a world where secure, high-quality banking relationships are paramount, Switzerland continues to be a hub for financial innovation and stability. Whether you’re just beginning to explore your options or ready to take the plunge, the Swiss private banking landscape offers a range of choices to suit varying needs and preferences.