--- title: "PwC Switzerland releases fifth edition of Wealth Management Insights 2026 in Zurich; investor optimism drops to 39% in 2026" sdDatePublished: "2026-05-01T04:46:00Z" source: "https://www.pwc.ch/en/publications/2026/wealth-management-insights-2026.pdf" topics: - name: "financial service" identifier: "medtop:20001370" - name: "personal finance and investment" identifier: "medtop:20000287" - name: "business information" identifier: "medtop:20000170" - name: "business strategy and marketing" identifier: "medtop:20000192" - name: "economy" identifier: "medtop:20000344" - name: "economy, business and finance" identifier: "medtop:04000000" - name: "technology and engineering" identifier: "medtop:20000756" - name: "information technology and computer science" identifier: "medtop:20000763" - name: "artificial intelligence" identifier: "medtop:20001298" locations: - "Germany" - "China" - "United States" - "Zürich" - "Switzerland" --- PwC Switzerland releases fifth edition of Wealth Management Insights 2026 in Zurich; investor optimism drops to 39% in 2026 Wealth Management Insights 2026 www.pwc.ch/wealthmanagement-report Resilience in shifting environments We are pleased to introduce the fifth edition of our Wealth Management Insights report, prepared by PwC’s Wealth Management Centre of Excellence (WM CoE) in Zurich. The report offers a comprehensive view of the forces shaping the industry in 2026. This edition expands on key themes explored in earlier reports, examining shifting client sentiment, evolving portfolio construction and the accelerating impact of technology on the value chain in a time of increased uncertainty. Amid geopolitical tensions, market volatility and rapid technological disruption, investor optimism has moved markedly towards caution, prompting greater regional diversification and domicile mobility. At the same time, entrepreneurs are emerging as a strategically critical yet complex client segment, while alternative assets and technology- enabled offerings – especially AI, blockchain and tokenisation – are increasingly becoming core components of modern wealth solutions, requiring wealth managers to adapt their client segmentation, product architecture and digital ecosystems to build resilience and capture sustainable growth. Executive summary Patrick Akiki Partner, Financial Services Market Lead & Head of Wealth Management Center of Excellence, PwC Switzerland Key insights from the report Global investment sentiment shift: Investor optimism about the economic outlook over the next 12 to 18 months has fallen from 56% in 2025 to 39% in 2026, with geopolitical tensions, the macroeconomic environment and increased market volatility emerging as the primary drivers of investment decisions. At the same time, clients are diversifying regionally (North America remains key but less dominant than in previous years, while Asia-Pacific and the Middle East & Africa are gaining importance) and 42% of survey respondents say that their clients are considering changing domicile, turning relocation into a strategic wealth decision. Entrepreneurs as a strategic client segment: Entrepreneurs – particularly from technology, industrials and financial services – constitute a diverse and increasingly important client group whose wealth is tightly interwoven with their businesses. Wealth managers see succession and exit planning, access to financing and risk diversification as the main support needs, but many still feel constrained by a lack of specialised products, digital capabilities and intergenerational planning expertise to serve this segment. Growth through feeders: Internal and external feeders are emerging as a strategic engine for (U)HNW client acquisition, transforming traditionally reactive, relationship- driven processes into scalable, systematic growth channels. By implementing systematic processes internally or through external partnerships, wealth managers can scale acquisition, improve operational efficiency and convert insights into sustainable, actionable results. Rise of alternative assets: Traditional portfolios built mainly around listed equities and investment-grade bonds are no longer seen as sufficient, with allocations to alternatives rising on a lasting, long-term basis. Private equity (34%), real estate (15%) and private debt (14%) lead client interest, while commodities – supported by strong moves in precious metals – are reemerging as an important macro hedge and portfolio diversifier. Technology and healthcare industries dominate sector allocations. Technology and AI reshaping wealth management: AI is viewed as the most influential technology over the next 12 to 18 months, followed by blockchain/tokenisation, with 52% of respondents already using AI daily and 42% exploring use cases. Agentic AI, in particular, is enabling end-to-end workflow orchestration, intelligent client journeys and scalable, personalised communications, requiring wealth managers to invest in integrated digital ecosystems that strengthen client engagement, operational agility and resilience. In this environment, the Wealth Management Insights Report 2026 is intended as a source of clear, data-driven insights for wealth managers, private banks and industry stakeholders, helping them better understand and navigate heightened uncertainty, shifting client expectations and rapid technological change. By combining survey findings with strategic analysis, it aims to support informed decision-making, foster resilience and highlight where opportunities for sustainable value creation are emerging in an increasingly complex landscape. May this report be both insightful and thought-provoking. We wish you an engaging and enriching read. Introduction 01 From optimism to caution Rising geopolitical tensions, concerns around an AI- driven valuation bubble, and the accelerating pace of technological disruption are reshaping the global investment landscape. Against this backdrop, we observe a clear year-on-year shift in investor sentiment – from optimism towards a more cautious outlook. Findings from our PwC Switzerland Wealth Management Insights Survey 2026 highlight this change clearly. Only 39% of survey respondents say they have an optimistic view of the economic environment over the next 12 to 18 months, a sharp decline from previous years, when 50% or more of respondents consistently expressed optimism. This shift in sentiment is closely linked to the perceived drivers of investment risk. Geopolitical tensions and risks emerge as the leading factor influencing investment decisions, cited by 30% of respondents, followed by the macroeconomic environment (17%) and increased market volatility (15%). Together, these factors underscore a growing emphasis on risk awareness and capital preservation in client decision-making. of survey respondents say they have an optimistic view of the economic environment over the next 12 to 18 months, a sharp decline from previous years. 39% 30% 17% 15% 15% 10% 10% 2% Increased geo-political tensions and risks Macroeconomic environment Increased market volatility Emerging technologies Inflation or interest rates Increased regulation Increased environmental risks 1% Other Source: Wealth Management Insights 2026 Survey Figure 1: Most relevant drivers influencing clients’ investment decisions 5 PwC PwC Wealth Management Insights 2026 Despite this more cautious outlook, clients continue to identify opportunities for growth, albeit through a more diversified regional lens. North America remains the leading growth market, cited by 34% of respondents, but Asia-Pacific (24%) and the Middle East and Africa (13%) are gaining momentum. This evolution reflects both the search for structural growth and a deliberate effort to diversify geographic exposure. Although North America’s attractiveness has declined year-on-year from 52% to 34%, driven primarily by geopolitical tensions, the challenging macroeconomic environment and increased market volatility, it still holds strong appeal for UHNWIs seeking to grow and retain their wealth in a relatively robust market. Source: Wealth Management Insights 2026 Survey 34% 24% 13% 10% 8% 6% 5% North America APAC (excl. Mainland China) Middle East and Africa Western Europe Eastern Europe Mainland China Latin America 1% Oceania Figure 2: Most relevant markets driving future growth “North America still holds strong appeal for ultra-high-net-worth individuals (UHNWIs) seeking to grow and retain their wealth in a relatively robust market.” 6 PwC PwC Wealth Management Insights 2026 Heightened uncertainty is also translating into greater mobility among wealth holders. Of those who responded, 42% indicate that their clients are likely to change their domicile over the next 12 to 18 months. Indicated destinations include Western Europe, driven by political stability and institutional strength, as well as the Middle East and Africa, reflecting their growing role as global wealth hubs. This increasing mobility is occurring against a backdrop of political, economic and regulatory uncertainty, with tax considerations emerging as a central driver. As tax regimes evolve, scrutiny of after-tax returns is increasing, long-standing frameworks are being reassessed, and wealthy individuals are placing greater emphasis on fiscal predictability and long-term stability. Rather than relocating immediately, many are adopting a preparatory approach, establishing secondary or additional residences in jurisdictions perceived as safe havens and offering institutional reliability, quality of life and robust financial, healthcare and education infrastructures. More broadly, this trend underscores the way that relocation is becoming a strategic wealth decision, extending beyond lifestyle considerations to encompass tax, regulatory and geopolitical factors. Taken together, these shifts in sentiment, allocation preferences and geographic mobility illustrate how profoundly the wealth management landscape is evolving. As uncertainty rises and wealth structures become more complex, the ability to understand distinct client profiles and tailor advice accordingly is becoming a critical differentiator. It is within this context that the next chapter focuses on entrepreneurs, a client segment whose wealth dynamics expectations, and decision-making patterns exemplify these broader shifts. 7 PwC PwC Wealth Management Insights 2026 Founders in focus: entrepreneurs as a strategic client segment 02 Understanding entrepreneurs: insights from the PwC survey Entrepreneurs represent a highly diverse client base, spanning multiple industries and stages of business maturity. According to the PwC survey, 23% of entrepreneurial clients operate in the technology sector, while the remainder are distributed across industrials, consumer businesses and other industries. Each of these sectors is characterised by distinct capital structures, growth trajectories, regulatory environments and exit dynamics. As a result, entrepreneurial clients rarely fit neatly into standardised advisory or service models. 23% of entrepreneurial clients operate in the technology sector 23% 19% 16% 12% 11% 8% 6% Technology Industrials Financial services Consumer and retail Other/diversified Health industries Materials 5% Entertainment and media (incl. telecommunications) Figure 3: Industries in which entrepreneurs operate Source: Wealth Management Insights 2026 Survey 9 PwC PwC Wealth Management Insights 2026 Source: Wealth Management Insights 2026 Survey This diversity places significant demands on wealth managers’ capabilities. While a majority of survey respondents believe their firm is better equipped to serve entrepreneurial clients than in the past (28% much more equipped and 27% slightly more equipped), confidence levels vary. Among the 12% who feel less prepared, key barriers include a lack of specialised products and solutions such as integrated business and personal wealth planning, growth and liquidity financing, and succession or exit planning tools. By contrast, 25% of respondents mentioned insufficient digital or technological capabilities as the reason they are less well prepared. 25% of respondents mentioned insufficient digital or technological capabilities as the reason they are less well prepared. Lack of specialised product and solutions Insufficient digital or tech capabilities Difficulty in addressing succession and intergenerational transfer Limited expertise in entrepreneurial dynamics Compliance or regulatory complexity 40% 25% 15% 15% 5% Figure 4: Reasons for wealth managers being less prepared to cater to entrepreneurs’ needs “A majority of respondents believe their firm is better equipped to serve entrepre- neurial clients than in the past.” 10 PwC PwC Wealth Management Insights 2026 Entrepreneurs as a strategic client segment Despite these