Zurich is the largest city in Switzerland and capital of the canton of Zürich. The city is Switzerland's main commercial and cultural centre (the political capital of Switzerland being Bern), and is widely considered to be one of the world's global cities.
Zurich, as a financial centre, has a High significance in terms of employment and real net output compared with the financial centers of New York, London, Frankfurt and Paris for their regions. The outstanding importance of the city as a financial centre gives a considerable boost to Zurich's economy as a whole. Public finances also benefit from this, by profiting from Tax revenue generated by the financial industry.
Traditionally, Zurich has profited handsomely from its reputation as a haven for Private banking - where consistency, efficiency, and above all, discretion are the rule.What sets Zürich apart as a financial center are the quality of its services, its Long tradition of banking and insurance and competent workforce, favorable laws, attractive taxation, the traditionally stable Swiss Franc and an efficient and consistent finance market supervision. UBS, Credit Suisse, Swiss Re, Zurich Financial Services, and many other financial institutions have their headquarters in Zürich, the commercial center of Switzerland. Zürich is one of the world biggest centre for offshore banking. The financial sector accounts for about one quarter of the city's economic activities.Swiss banks currently manage a third of the world's private assets that are invested abroad, which puts them in a leading Position.
The Swiss stock Exchange (SWX Swiss Exchange) in Zürich plays a fundamental role in Europe, and is one of the world's most High-tech stock exchanges. The SWX is the head group of several different worldwide operative financial systems: virt-x, Eurex, Eurex US, EXFEED and STOXX.
The country is also known for its High insurance density - Switzerland has the best-insured population worldwide.