Too Rich, Too Thin?

Record wealth. Divided loyalties. Fewer banks.

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. This independent industry research by Anglo-Suisse Capital sets out ten things every board of a private bank or wealth manager should know: five findings, each with our prediction and what to consider, and five challenges for 2026. It draws on the main wealth reports, regulators' data and company filings. It also draws on our census of 270 private banks in nine booking centres, which uses public information only. Public information shows only 19 of 270 private banks offering clients direct crypto and only 50 offering direct private-market deals. Figures are as at 23 October 2026 unless stated; the crypto census is as at 25 October 2026 and the private-markets census as at 26 October 2026.

Five findings, five predictions, five actions

1. US$2.95 trillionHong Kong has overtaken Switzerland in cross-border wealth. High net worth wealth reached US$98.3 trillion in 2025, up 8.7%. Hong Kong's cross-border wealth passed Switzerland's: US$2.95 trillion against US$2.94 trillion. Our prediction. Hong Kong's lead widens in 2026.What to consider. Decide in 2027 where to book Asian and Gulf clients: build, partner or buy in Hong Kong, Singapore or the Gulf.
2. 39% to 19%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. Our prediction. The share stays below one in five. Firms will buy clients rather than win them.What to consider. Find out what share of each client's wealth you hold and why the rest sits elsewhere.
3. 19 of 270Clients want crypto but it remains largely absent from private banking. Of 270 private banks in nine centres, public information shows 19 offering direct tokens, ten through a partner; all are in Switzerland, Liechtenstein or Singapore. Our prediction. Partnering stays the main route. More crypto firms will buy licensed banks than banks buy crypto firms. At least one more large private bank offers direct tokens by the end of 2027.What to consider. Decide whether to rent the service or own it. A partner is quick, but it holds the tokens and takes part of the fee. Buying a licensed platform with its team gives you ownership without starting from scratch.
4. 79 banksFewer, bigger private banks. KPMG counted 79 Swiss private banks in 2026, against 156 in 2010; those over CHF 100 billion doubled to eight. Luxembourg's fell from 66 in 2015 to 42 in 2024. UK wealth managers are holding steady: the FCA counts 500 firms, broadly unchanged since 2022. NatWest paid 3.94% of assets for Evelyn Partners, on an enterprise value basis. Our prediction. 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%.What to consider. Decide whether you are a buyer, a seller or a partner. Then prepare your client files as a buyer will test them.
5. 76 to 73 bpEach billion of assets earns less. The European private banking revenue margin fell from 76 basis points in 2024 to 73 basis points in 2025. Our prediction. Margins keep falling. The winners will cut costs and free advisers' time with AI.What to consider. Set a cost-income target and a plan to reach it, starting with the work AI can take off advisers.

Five challenges for 2026

Points 6 to 10 are the five challenges that recur in industry studies for 2026. For each we give the evidence, our view and what a board should consider.

6. 73 bpAI saves hours. Banks must turn them into earnings. The European private banking revenue margin fell from 76 to 73 basis points in 2025. AI saves adviser time: UBS estimates that its STAAT tool saves about 1,200 hours of meeting preparation a week across more than 5,000 US advisers. Yet 76% of Swiss private banks expect AI to bring no or minor cost savings in the next year. Our view. Time saved becomes money only when advisers serve more clients or support costs fall.What to consider. Measure AI by adviser: clients, revenue and hours, against a control group.
7. 81%The money stays in the family. The mandate may not. Of inheritors surveyed, 81% plan to switch firms within one to two years of inheriting. About US$124 trillion will pass in the United States alone through 2048. Clients want private markets, yet public information shows only 50 of 270 private banks offering them direct deals or co-investments. Our view. The wealth transfer is the largest risk to client books this decade; private markets are where banks compete for the heirs.What to consider. Know the heirs before the transfer. An evergreen fund through a partner is the quick route into private markets; direct and club deals need deal flow, a vetting team and large clients.
8. 1 hourBetter AI starts with better client data. Bank of Singapore cut the time to write a source-of-wealth report from 10 days to one hour with an AI tool. In an Avaloq survey, 43% of Gulf wealth professionals named scattered client data as the barrier to personalised advice. Scale has moved to platforms: Trade Republic holds €150 billion and Robinhood US$384 billion. Our view. Clean, unified client data, not the AI model, decides who benefits.What to consider. Unify client data first; buy platforms rather than build them.
9. CHF 8.5 bnA licence is an asset you can lose. Switzerland had frozen CHF 8.5 billion of sanctioned Russian private assets by 1 July 2026. In February 2026 FinCEN proposed cutting MBaer Merchant Bank off from US correspondent banking. FINMA withdrew its licence and ordered its liquidation. FINMA, the FCA and MAS each expect banks to govern and explain their use of AI. Our view. A compliance failure can now end a private bank.What to consider. Run one control framework for sanctions, money laundering and AI across every booking centre.
10. 79 banksStaying small costs more each year. Switzerland has 79 private banks, against 156 in 2010; KPMG expects well below 70 by 2030. Technology, compliance and the next generation of relationship managers all cost more each year; small banks bear the cost on fewer assets. Our view. Scale pays for technology and talent; small banks must merge, sell or specialise.What to consider. Decide early whether to buy, sell or partner.

The banks that win will pair scale with clean data, strict compliance and a plan for the heirs.

Key figures

Which financial centre books the most cross-border wealth?

Hong Kong's cross-border wealth reached US$2.95 trillion in 2025, passing Switzerland's US$2.94 trillion (BCG, Global Wealth Report 2026, 27 May 2026).

How many wealthy clients keep all their money with one firm?

Only 19% of high net worth clients used a single wealth firm in 2025, against 39% in 2019 (Capgemini Research Institute, World Wealth Report 2026, 4 June 2026).

How many private banks offer clients direct crypto trading?

Anglo-Suisse Capital's census of 270 private banks in nine booking centres found 19 offering clients direct crypto tokens, ten of them through a partner; all are in Switzerland, Liechtenstein or Singapore (Anglo-Suisse Capital, census of direct crypto services for clients, 25 October 2026).

How many private banks offer clients direct private-market deals?

Anglo-Suisse Capital's census of 270 private banks in nine booking centres found 50 offering clients direct deals or co-investments and 122 offering funds only; 172 (63.7%) show some private-market access (Anglo-Suisse Capital, census of private-market access for clients, 26 October 2026).

How many private banks are left in Switzerland?

KPMG counted 79 Swiss private banks in 2026, against 156 in 2010 (KPMG and University of St. Gallen, Clarity on Swiss Private Banks 2026).

What is happening to private banking margins in Europe?

The European private banking revenue margin fell from 76 basis points in 2024 to 73 basis points in 2025 (McKinsey, Building profit resilience in European private banking, 26 June 2026).