Swiss Single Family Offices: Significant Growth in Assets from 2023 to 2025 to CHF 785 Billion

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Against the backdrop of developments in the capital markets, assets managed by Single Family Offices in Switzerland have increased significantly since 2023, reaching an estimated CHF 785 billion in 2025. This is shown by the newly published study “The Swiss Single Family Office Landscape”. The study also provides indications of the potential consequences of an approval of the inheritance tax initiative.

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According to a recently published study by Boston Consulting Group, Hong Kong has overtaken Switzerland as the largest hub for cross-border wealth management. The main driver is capital inflows from mainland China. Nevertheless, Switzerland remains a leading wealth management centre and continues to be of significant importance to the Swiss economy. Single Family Offices (SFOs), organisations established to manage the private wealth of an owner family, play a key role. In addition to the families’ origins, political stability and legal certainty are the most important reasons for their presence in Switzerland. These factors need to be preserved if Switzerland is to remain competitive against locations such as Milan, Dubai, Singapore and Hong Kong. A resilient banking sector is also important.

30 Percent Increase in Assets under Management

Against the backdrop of strong capital market performance, assets managed by SFOs have increased significantly. According to the previous study, SFOs in Switzerland managed around CHF 600 billion in 2023. By 2025, this had risen to around CHF 785 billion. Professor Markus Schmid, author of the study “The Swiss Single Family Office Landscape”, explains: “In addition to a slightly higher estimate of the number of Single Family Offices in Switzerland, this increase of around 30 percent is primarily attributable to positive capital market returns over the past two years.”

On average, SFO asset allocation is roughly evenly split between traditional and alternative investments. Traditional investments comprise equities and holdings (28 percent), fixed-income securities (11 percent), both predominantly in developed markets, and cash (11 percent). Alternative investments are more diversified, with private equity accounting for 21 percent, private debt, infrastructure and real estate for 12 percent, as well as hedge funds, precious metals, commodities, art and antiques, among others. The most significant changes between 2023 and 2025 were a reduction of around 6 percent in venture capital, while listed equities in developed markets increased by 5 percent. This is an expected development given the stock market environment of the past two years and one that, according to the study, is likely to become even more pronounced in 2026. A “home bias” is also evident: 33 percent of SFO investments are allocated to Switzerland. This is the largest share alongside North America, also at 33 percent. Western Europe follows with 23 percent, while Asia-Pacific, excluding China, accounts for only 6 percent. “The strategic investment priorities of Swiss SFOs reflect a balanced approach between caution and growth,” says Markus Schmid. “The focus is on capital preservation through an acceptable risk-return profile.”

Asset allocation of Swiss Single Family Offices in 2025: The share of traditional and alternative assets is roughly balanced.

Structure of Family Offices

Assets managed by SFOs range from less than CHF 250 million to more than CHF 10 billion. The median is around CHF 1 billion. Most SFOs are associated with one or more family-owned businesses, with real estate (34 percent), hospitality and gastronomy (16 percent), and consumer and luxury goods (16 percent) among the key sectors. Around half of assets under management, approximately CHF 450 million, are tied up in these family businesses. The study estimates that companies controlled by all Swiss Single Family Offices employ more than 650,000 people worldwide. However, a small number of exceptionally large family businesses account for the majority of these employees. More than 50 percent of family businesses owned by SFOs have 10 or fewer employees in Switzerland and fewer than 200 abroad. On average, the ratio of domestic jobs (233) to jobs abroad (2,713) is almost 1:12.

Inheritance Tax Would Have Had a Significant Impact

Had voters approved the inheritance tax initiative in November 2025, it would likely have sent shockwaves through the industry. According to the survey, 48 percent of SFOs stated that the owner family had evaluated relocation scenarios in the event of a “Yes” vote. Of these, 15 percent had already developed concrete plans. Another 5 percent of SFOs had already relocated in anticipation of the vote. In addition, wealth structures were optimised and succession timelines defined. Lifetime gifts, early transfers of businesses, and the establishment of foundations and trusts were also considered. SFOs therefore took a proactive approach to ensure they could respond to political decisions if necessary. It can therefore be assumed that the inheritance tax would have resulted in a significant outflow of wealth from Switzerland.

The study was conducted for the second time after 2024. The researchers analysed responses from 82 Family Offices, representing around 27 percent of the estimated 300 Family Offices in Switzerland. The study by Professor Markus Schmid and Dominik Redemann of the Swiss Institute of Banking and Finance SBF-HSG at the University of St.Gallen was conducted in close cooperation with UBS Global Wealth Management and the Swiss Single Family Office Association (SFOA).