Swiss Millionaires Keep Their Banks on a Short Leash

One in four wealthy Swiss investors has ditched their primary bank in the last five years, signaling a shift in loyalty among the nation’s elite. A new study from the Lucerne University of Applied Sciences and Arts reveals that millionaires now maintain an average of 3.3 banking relationships to manage their portfolios.

Editorial·November 3, 2026·reads: 537

Swiss Millionaires Keep Their Banks on a Short Leash

The survey of 307 individuals holding at least CHF 1 million in liquid assets highlights a move toward diversification. Clients increasingly split their business, often separating their daily payment transactions from their securities investments. Only half of the respondents currently rely on a single institution for both services.

UBS and the cantonal banks remain the dominant players, collectively capturing 48 percent of the market as primary investment partners. While UBS leads with a 27 percent share, cantonal banks hold 21 percent. Digital and neo-banks currently remain peripheral for this demographic, though they are gaining traction among younger, wealthy clients as secondary service providers.

Investment behavior among these millionaires sharply diverges from the broader Swiss population. While only 35 percent of the general public invests in stocks, 90 percent of the surveyed affluent clients do. Their portfolios are also tilted toward complexity, with 39 percent utilizing derivatives or structured products and 32 percent holding private equity. Despite their high financial literacy, these investors demand a professional "sparring partner" rather than a passive custodian. Désirée von Michaelis of LUKB notes that the modern private banking model hinges on identifying individual communication preferences, as clients prioritize institutional stability, trust, and tailored expertise over networking events.