Our thinking

We are pleased to present the latest edition of our review of mergers and acquisitions (M&A) activity of small and medium-sized enterprises (SMEs) in Switzerland, covering the year 2025. This year’s report includes two interviews. The first with Hans-Jörg Widiger, former CEO of Swiss Bankers Prepaid Services AG, which was acquired by Hypothekarbank Lenzburg AG in early 2025. The second interview features Christophe Utelli, CEO of Cité Gestion SA, who discusses the banks strategic partnership with EFG International through the sale of its share capital.

The ‘OECD Minimum Tax Impact Analysis 2026’ looks at the impact of the OECD Minimum Tax on the 50 largest Swiss-listed corporations for the 2025 financial year.

The Deloitte Audit Committee Study, conducted in partnership with the Institute of Law and Economics (ILE-HSG) at the University of St. Gallen, is the first comprehensive analysis of audit committee effectiveness among Switzerland’s top 50 listed companies. Our first-of-its-kind research fills a key knowledge gap by offering clear insights into best practices and the evolving role of audit committees in Switzerland.

An ageing population will leave the Canton of Zurich significantly short of skilled workers over the coming decades. This development could cut economic output by up to 20 per cent and threaten prosperity in the canton. In a joint study with the Canton of Zurich’s Office for Economy, we have analysed the impact of various measures designed to fight the shortage of skilled labour. Our study reveals that introducing a more flexible retirement age and harnessing artificial intelligence (AI) represent the most promising levers with the greatest potential.

In a public vote in November 2025, Swiss voters decisively rejected the proposal to impose a 50% inheritance and gift tax on wealth exceeding CHF 50 million. This decision reaffirmed the Swiss people's commitment to political stability and reliability, and underpins that Switzerland continues to be one of the most attractive places to live for wealthy individuals and family offices.

As the Swiss watch industry takes a moment to reflect on its legacy, it is also navigating one of its most complex periods in recent memory. Demand remains fragile, tariffs have injected new uncertainty and price sensitivity is rising. The resilience of the Swiss watch industry is once again being tested – not by a single shock, but by the slow accumulation of pressure.

Switzerland’s pension system is in urgent need of reform due to an ageing population. Our representative survey shows that the population supports reforms – but not those that currently top the agenda. Instead, we are proposing sound, realistic reforms to ensure long-term retirement provision. Retirement provision is not solely a state responsibility. Companies and insured persons should also make better use of the options available to them and be given greater freedom of choice.

Health insurance premiums are set to jump sharply in 2026 for the fourth time in a row. Our analysis has revealed that many policyholders paying the cheapest premiums on the market will face a 7 per cent hike on average, much higher than the officially communicated figure of 4.4 per cent. This suggests that low-cost models in particular are coming under greater pressure. The sector as a whole is also on a firmer financial footing, with a strong increase in solvency ratios and healthier reserves in real terms.

In our latest CFO Survey Swiss companies remain optimistic about their business prospects, despite the strong Swiss franc and rising energy and procurement costs putting pressure on margins. However, more companies are able to pass on their higher costs to customers than in autumn. Geopolitical risks, potential demand weakness and currency risks are the greatest challenges. Trade turbulence is affecting 64% of companies, with 15% severely impacted. CFOs expect artificial intelligence in the finance function to deliver overall cost savings, particularly in labour costs, but also anticipate higher spending on IT and technology.

The findings of swissVR Monitor I/2026 demonstrate that Boards see improving their company’s efficiency and optimising its internal processes as the most important opportunity.

An ageing population will leave the Canton of Zurich significantly short of skilled workers over the coming decades. This development could cut economic output by up to 20 per cent and threaten prosperity in the canton. In a joint study with the Canton of Zurich’s Office for Economy, we have analysed the impact of various measures designed to fight the shortage of skilled labour. Our study reveals that introducing a more flexible retirement age and harnessing artificial intelligence (AI) represent the most promising levers with the greatest potential.

As the Swiss watch industry takes a moment to reflect on its legacy, it is also navigating one of its most complex periods in recent memory. Demand remains fragile, tariffs have injected new uncertainty and price sensitivity is rising. The resilience of the Swiss watch industry is once again being tested – not by a single shock, but by the slow accumulation of pressure.

The demographic shift towards an ageing population requires proactive planning to mitigate its negative impact. This report outlines the key actions and innovative approaches Switzerland must take to ensure its economic resilience and social well-being now and in the future.

The coffee industry and environment are evolving fast. New products enter the market every year. This requires coffee roasters, traders, brands, distributors, and machine manufacturers to follow relevant trends and understand consumer preferences.

Since our previous edition in 2021, the COVID-19 pandemic has ended, and there has been a resurgence of inflation and increase in geopolitical tensions. 

The TrendRadars provide a systematic overview of the most relevant trends shaping Switzerland’s future.