Economic Importance of the Swiss Financial Sector (Swiss Insurance Association)

Summary

• In 2024, the Swiss financial sector directly generated a gross value added of CHF 73.2 Mrd. and supported 245’800 jobs (FTE).p.4
• Banking services accounted for 14.7 Prozent of all Swiss service exports in 2024.p.4
• Insurance services contributed 5.8 Prozent of Swiss service exports in 2024.p.12
• Including indirect demand across other sectors, total gross value added reached CHF 111.9 Mrd. in 2024.p.5
• The total employment footprint of the financial sector was 523’700 jobs (FTE) in 2024.p.5
• Direct and indirect tax revenues linked to the financial sector totaled an estimated CHF 22.0 Mrd. in 2024.p.5

Key insights

1. Financial sector labor productivity is 1.6-mal higher than the overall Swiss economic average.p.18
2. Direct taxes on employee incomes and corporate profits in the financial sector generated CHF 9.9 Mrd. in 2024.p.4
3. The national accounts revision reduced the estimated financial sector gross value added for 2014-2023 by an average of CHF 5.1 Mrd. per year.p.8
4. Zurich is the largest financial hub in Switzerland, generating CHF 29.5 Mrd. in gross value added in 2024.p.24
5. For 2025, real gross value added growth of +2.3 Prozent is expected for banking and +1.8 Prozent for insurance.p.5