Too Rich, Too Thin?

Wealth moves east, loyalty weakens and banks test crypto.

Anglo-Suisse Capital has published a review of the private banking and wealth management industry. It draws on the three main annual wealth reports, company disclosures, regulatory records and attributed secondary sources, with market data as at 23 October 2026. It sets out five findings, each with our prediction for the year ahead.

Five findings, five predictions

1. Wealth is at a record and moving east. Hong Kong's cross-border wealth reached US$2.95 trillion in 2025, passing Switzerland's US$2.94 trillion. Our prediction: Hong Kong's lead widens in 2026.
2. Clients are spreading their money. Only 19% of high net worth clients used a single wealth firm in 2025, against 39% in 2019. Our prediction: the single-firm client stays below one in five.
3. In crypto, clients want it and most banks rent it. An Anglo-Suisse Capital survey of 30 selected institutions found public evidence of direct token trading at 11, most through a partner. Our prediction: partnering stays the main route.
4. Fewer, bigger firms. KPMG counted 79 Swiss private banks in 2026, against 156 in 2010. Our prediction: fewer than 75 by the end of 2027.
5. Margins thin while costs do not. The European private banking revenue margin fell from 76 to 73 basis points between 2024 and 2025. Our prediction: margins keep falling.