Switzerland the first country in the world in personal wealth management

Geneva banks lost, which is the world's first center for the management of personal wealth, of their weight after a chase tax evaders campaign, seeking to regain the starting position again, according to the specialized organization "Geneva financial center." In 2003, Switzerland was particularly Geneva manages 31 percent of the world's wealth, and in 2013 this figure dropped to 26 percent (or 2300 billion dollars), according to "Global Wealth" report published by "Boston Consulting" Consulting. On the other hand, and between 2012 and 2013, 18 banks closed doors in Geneva because of the merger or restructuring. But Switzerland remains, even with only 26 percent, the first state in personal wealth management, and aspires to be the first in the management of funds, which may constitute a "second pillar" in the banking activity in Geneva as well as personal wealth management. In 2013, it was about 37 391 people working in the banking and financial sector in Geneva. In the city, 121 banks and 870 independent director of wealth and 3283 financial intermediary and 513 offices of the law firm and the book justice. And saw Nicolas Pictet Head "Geneva Foundation financial center" that "it's time to awakening." He pointed to the most prominent international financial markets rating that Geneva is no longer within the top ten in the world, and has become the thirteenth largest in the world, as Pictet announced Tuesday during the annual press conference of the Foundation. It is banking that this decline is due in particular "the deterioration of the level." Pictet and show concern, especially from the excessive increase in the size of the organization, which compels banks to more hiring lawyers to be confident that it operates in accordance with applicable regulations. Pictet and said, "I said and I repeat, Flanoagaf search for solutions that do not know but us, not one understands, especially abroad, and that does not only bring us difficulties." The bank is talking in particular about the financial position of "clean" in the field of tax strategy and source of funds, which are set by the government. Pictet and added that this strategy "is no longer acceptable from Switzerland pledged to apply the automatic exchange of information based on the Organization for Economic Cooperation and Development (OECD) standards." The march on business in the first half of the year, indicating an investigation with banks manage the wealth, that money is still flowing. Overall, 46.9 percent of the banks, which employs more than 200 people, says the arrival of funds increased between zero and 5 percent in the first half. The funds that are managed in Geneva comes especially from the Middle East and the countries of Eastern Europe and Latin Omrbaka which are the main markets for banks Geneva. On the other hand, changed Western Europe, North America and the wealth of its part of the Swiss city. Kone Director roles in "Geneva financial center" Foundation said that "the record raises concern in the study indicates that 38.5 percent of the major banks lost money in Geneva were run It's the first time that the banks benefit from the money out." And 80 percent comes from new money from abroad for the major banks. In response to a question about the funds that have undergone regulatory rules on the tax level, specialists in "Geneva financial center" Foundation announced that "the bulk remains." However, these funds have become slimmer after the withdrawal of taxes paid to the value of the tax department concerned. To further confirm its position as a leader in the field of money management, banks want to Geneva would also become effective from unchallenged in the wealth management institutions. He said Pictet told AFP: "We want to develop institutions active in Switzerland and the establishment of civil and efficiency center in it." The goal is to attract to Switzerland and especially to Geneva senior moderators of deposits and their teams money they currently reside in London, New York or Singapore. For this reason, it should be the financial position puts the appropriate administrative conditions, especially in the field of taxation and infrastructure, as wished Pictet. And achieve high yield corporate governance of banks as much as take a lot of money management. The banker said, "It's those that manage large amounts of money, and customers, such as pension funds, insurance companies and small teams, generally bring hundreds of millions of euros and francs or dollars that could be managed." He believed that the management of funds may constitute a "second pillar" in the banking activity in Geneva as well as personal wealth management.