Once it was all finance, but now the Swiss are working new angles. They’re focusing on tourism, manufacturing and technology – and very successfully.
Once upon a time, before the global financial crisis, the “Lagarde list” of alleged tax evaders and (even more significantly) the anger in Washington and Brussels signalled the end of secret banking, Switzerland was Europe’s special bank vault. According to the website Swissinfo, one in every ten private banks was shuttered in 2015. Switzerland remains one of the key financial markets (second in Europe after London), but something has changed.