Wealthy Americans are increasingly turning to Swiss banks to open banking and investment accounts due to economic and political uncertainties surrounding President Donald Trump's administration. Following a historical trend during periods of turmoil, this recent surge in interest parallels the financial crisis of 2007-2008. Experts highlight that the weakened value of the U.S. dollar has prompted many to consider currency diversification as a strategy for asset management, with an uptick in inquiries primarily from individuals with international backgrounds.
While the recent wave of account openings is notable, it's a familiar phenomenon: Past periods of turmoil in the U.S. have also seen Americans taking their money to Switzerland.
'Many Americans are realizing that 100% of their portfolio is in U.S. dollars so they're thinking, 'Maybe I should diversify,' Gabris told CNBC.
#swiss-banks #us-economic-uncertainty #wealth-management #currency-diversification #financial-trends
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