Public information shows only 19 of 270 private banks in nine booking centres offering clients direct crypto and only 50 offering direct private-market deals.
London, 29 October 2026. The world's wealthy have never had so much money yet the private banks managing it face falling margins, declining client loyalty and mounting pressure to consolidate, according to independent research published today by Anglo-Suisse Capital.
The report, Too Rich, Too Thin? Richer Clients, Thinner Margins, sets out an uncomfortable contradiction at the heart of wealth management. High net worth wealth reached a record US$98.3 trillion in 2025 while the European private banking revenue margin fell from 76 basis points in 2024 to 73 in 2025.
At the same time wealthy clients are spreading their money across more firms. Only 19% of high net worth clients used a single wealth firm in 2025 against 39% in 2019.
Drawing on industry research, regulators' data, company filings and its own census of 270 private banks in nine booking centres, Anglo-Suisse Capital sets out five findings and a prediction for each.
Five findings
- Hong Kong takes the lead in cross-border wealth. Hong Kong's cross-border wealth passed Switzerland's in 2025: US$2.95 trillion against US$2.94 trillion. Anglo-Suisse Capital predicts that Hong Kong's lead widens in 2026.
- Clients are spreading their money. The share of clients using a single firm has fallen from 39% to 19%. The report predicts that the share stays below one in five and that firms will buy clients rather than win them.
- Crypto: clients want it; most banks rent it. Of the 270 private banks, public information shows 19 offering clients direct crypto and ten of those use a partner. The United States is outside the census but Morgan Stanley, Charles Schwab and PNC now let clients buy and hold tokens. The report predicts that partnering stays the main route and that more crypto firms buy licensed banks than banks buy crypto firms. It also predicts at least one more large private bank offering direct tokens by the end of 2027.
- Fewer, bigger private banks. KPMG counted 79 Swiss private banks in 2026 against 156 in 2010. The report predicts fewer than 75 by the end of 2027. KPMG found 32 banks with cost-income ratios of 80% or more, 18 of them above 90%.
- Each billion of assets earns less. The European private banking revenue margin fell from 76 basis points in 2024 to 73 in 2025. The report predicts that margins keep falling and that the winners will cut costs and free advisers' time with AI.
Five challenges for 2026
The report also sets out the five challenges that recur in industry studies for 2026: margins and productivity; clients, heirs and private markets; technology, data and AI; regulation, compliance and sanctions; scale, consolidation and talent.
On private markets, public information shows 50 of the 270 private banks offering clients direct deals or co-investments and a further 122 offering funds only. On AI, Bank of Singapore cut the time to write a source-of-wealth report from 10 days to one hour yet 76% of Swiss private banks expect AI to bring no or minor cost savings in the next year.
An industry at a strategic crossroads
Charles Hancock, Chief Executive of Anglo-Suisse Capital, said:
“Private clients have never been richer. Yet they spread their money across more firms; banks earn less on it.
“Banks have made progress in private markets: 172 of the 270 private banks we reviewed offer some access but only 50 offer direct deals. There is a long way to go.
“Crypto is becoming crucial, not only to win new clients but to stop existing ones leaving. Yet only 19 of those 270 offer it directly. Most banks are not prepared.
“The economics are hardest for smaller institutions. Switzerland has lost almost half its private banks since 2010 and we expect consolidation to continue.
“Every board faces the same question: are we going to be a buyer, a seller or a partner?”
Five predictions to be tested in 2027
Anglo-Suisse Capital makes five predictions concerning Asian wealth, client loyalty, crypto, consolidation and revenue margins. It will mark them in its 2027 edition, right or wrong.
The 39-page report also includes two decision tools for boards: a decision template for crypto (rent, buy or build) and a checklist for deciding whether to buy, sell or stay independent.
Download the full report (PDF, 39 pages)
Notes to editors
Too Rich, Too Thin? Richer Clients, Thinner Margins is independent industry research published by Anglo-Suisse Capital.
The report draws on published industry studies, regulators' data, company disclosures and an original census of 270 private banks in nine booking centres. The census does not cover the United States.
The census uses publicly available information to identify crypto and private-market services. The absence of publicly documented offerings does not necessarily mean that a bank does not provide such services privately.
The report includes its research methodology, data sources and supporting references.
About Anglo-Suisse Capital
Anglo-Suisse Capital Limited is an independent, London-based investment banking firm providing mergers and acquisitions, capital raising and strategic advisory services across public and private markets.
The firm advises clients internationally across a broad range of industries, including financial services, digital assets, fintech, artificial intelligence, technology, engineering, property, infrastructure and project finance.
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Charles Hancock, Chief Executive
Anglo-Suisse Capital
Luis Phillips, Senior Adviser
Anglo-Suisse Capital
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