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The Zurich financial centre is of considerable economic and social significance for the Zurich region (the Zurich financial centre includes the cantons Zurich, Zug, and Schwyz) – including as an employer, educator, lender, contracting entity, taxpayer and important promoter of cultural institutions and events.
The financial services cluster includes the following sub-sectors:
- Other financial services providers
High Share in Value Added
Every sixth value added franc and every tenth job in the region depend directly on the Zurich financial centre. In 2018, the region’s finance sector generated a gross value added of approximately twenty-seven billion Swiss francs, to which the banks and insurance companies contributed more than forty per cent each in almost equal measure. The other financial services providers, inter alia independent asset managers, insurance brokers and stock exchange providers, generated eleven per cent of value added in the finance sector. When compared to other Swiss financial centres, Zurich has maintained its position as the country’s largest financial centre by far.
The Zurich financial centre also plays a central role as an employer. In 2018, one in eleven jobs in the Zurich region was provided by the financial industry, which translates into 90,000 jobs. Digitalisation is accelerating the speed of structural change at the financial centre, turning Zurich into a dynamic hub for blockchain technology and fintech.
Source: BAK Economics AG
Zurich Finance Dialogue
Representatives from industry and politics meet regularly to discuss the future of the finance sector. Collaborations between traditional financial institutions and fintech start-ups are more important than ever in order to secure Zurich’s long-term competitiveness as a financial centre.
Dialogue with China
The Division of Business and Economic Development supports important relocation projects of Chinese companies moving to Zurich, including, most recently, the Zurich branch of the China Construction Bank and the Industrial and Commercial Bank of China. In addition, the Division promotes international financial dialogue between the Canton of Zurich and its partner regions in China and also organises high-calibre financial delegations to and from China.
Seminal Blockchain Technology
Within a year, Trust Square has become the world’s largest hub for blockchain start-ups and research, encompassing some forty start-ups and creating a total of 250 new jobs to date. The Department for Economic Affairs has played an active role in the Trust Square project since its inception, with the Division of Business and Economic Development providing guidance and support.