Zurich’s financial center is a crucial growth engine for the Swiss economy. This is the unsurprising conclusion of the study «Financial Center Zurich 2025/2026», conducted by BAK Economics on behalf of the Cantonal Department of Economic Affairs.

In its corresponding press release, the Zurich Banking Association (ZBV) emphasizes that, despite geopolitical uncertainty and regulatory challenges, the financial center has proven to be a «stable pillar and an innovative growth driver.» One in ten employees in the Zurich region works in the financial sector.

Above-Average Value Creation of Zurich’s Financial Center

According to the study, conducted by Basel-based BAK Economics, which specializes in industry analyses, employment in the financial sector has grown steadily and above average since 2017. Of the 103,400 jobs in the financial industry (2023: 97'300), 44,000 (2023: 42'400) are in banks, with approximately one-third of these positions at UBS, Switzerland’s only remaining major international bank. An additional 27,800 (2023: 19'700) jobs are in bank-related businesses, bringing the total employment in Zurich’s banking sector to 71'800 (2023: 67'700).

The sector’s contribution to the region’s value creation is even more significant, accounting for 16 percent of total value creation, amounting to CHF 32,8 billion (2023: CHF 29,9 billion). Of this, CHF 14,1 billion (43 percent) comes from banks, CHF 12,1 billion (37 percent) from insurance companies, and CHF 6,6 billion (20 percent) from other financial service providers. Over the past ten years, the financial sector’s value creation has grown more rapidly than that of the overall economy.

More Than a Quarter of the City’s Economic Output

The Zurich region is also dominant within Switzerland’s financial sector as a whole, accounting for 44 percent of total financial industry value creation and 43 percent of employment in the sector.

The press release also underscores the financial center’s crucial role for the city of Zurich: «With CHF 20,7 billion, or over CHF 45,000 per capita, 28 percent of Zurich’s economic output comes from the financial sector. This is more than in Hong Kong, Luxembourg, New York, London, or Singapore.»

Foreword Signed by Government Officials

One might hope that such figures would be more frequently acknowledged in everyday politics by the left-green city government and municipal council, both of which rely heavily on tax revenues from the financial sector.

At the very least, longtime Zurich Mayor Corine Mauch seems to have some awareness of this, as she co-signed the study’s foreword alongside Carmen Walker Späh, the head of the Department of Economic Affairs and the study’s commissioning authority.

Strong Pull Effect – Focus on Private Investment Capital

The financial center also exerts a strong pull effect, creating an environment that attracts not only banks and insurance companies but also many private equity and venture capital firms, family offices, foundations, and fintech companies. This sector is given special focus in the study under the title «Private Investment Capital.»

However, the study does not examine other industries that benefit from a strong financial sector, such as restaurants, hotels, jewelry stores, law firms, IT providers, and more.

«A Clear View of Tough International Competition»
Amid heated debates about future regulations and requirements, particularly for systemically important banks, the ZBV stresses: «To ensure this success story continues, it is crucial that the Federal Council and Parliament develop financial sector regulations with a sense of proportion and a clear understanding of intense international competition.»

The ZBV represents the interests of Zurich’s financial sector to authorities, policymakers, and the public, fosters information exchange and networking among industry players, and is committed to education and training. Its members include around 40 banks with 40'000 employees in the Zurich region, along with insurance companies as associated members.