Private Banking: A Decade of Transformation
It took a decade for the French private banking sector to undergo a profound transformation. The 2025 edition of the Swiss Life Private Banking Observatory reveals a sector that has become more democratized, diversified, regionally focused, and significantly modernized. Affluent French individuals have evolved, as have their expectations and their relationship with risk. The result: private banking is now attracting new profiles—younger, more independent—but still seeking personalized support.
A Broad Movement
The 2025 snapshot of the market shows a dramatic improvement in the image of private banks. Currently, 75% of affluent French individuals have a positive perception of them, compared to 60% in 2023, and significantly less than half a decade ago. Enhanced prestige, transparency, and the risk-return ratio are emerging as improved markers, indicative of a successful repositioning. Long considered the reserve of a small elite, private banking has opened up, particularly to non-clients, who find it more accessible than before.
This change is part of a broader movement: wealth is now viewed in a comprehensive manner. In fact, 81% of affluent French people believe their private bank can incorporate all aspects of their financial life into its advice, whether it's in the private sphere, business, or matters of heritage transmission. This holistic view reflects the evolution of client profiles: executives, entrepreneurs, and family wealth holders no longer separate their concerns. Everything is interconnected; everything is planned.
The attitude towards risk has shifted as well. Over the past decade, there has been increased exposure to equities (+8 points), bonds (+12 points), and private equity (+9 points), indicating a stronger appetite for dynamic assets. Conversely, the theme of socially responsible investing (SRI) has significantly declined (-19 points), suggesting that investors, following the post-Covid era and societal aspirations, are returning to more financial logic and strategies perceived as more predictable or tangible. The geography of clients has also changed: the proportion of clients living outside the Île-de-France region has increased by 16% over ten years. This « provincialization » reflects the rise of regional entrepreneurial ecosystems, as well as the expansion of the addressable market through digital means.
A Generation Changing the Rhythm
One of the most significant insights from the Observatory is the relationship between clients and advisors. Despite the rise of digital tools, human connection remains crucial: 38% of clients cite their private banker as their primary source of wealth management information, far ahead of specialized media (22%). Reflecting strengthened trust, 87% describe their relationship with their advisor as « privileged, » compared to just 66% in 2014.
However, digitalization hasn't weakened this relationship; in fact, it has made it more seamless. The use of online services has surged by 12.2% since 2020, encompassing account management, access to banking data, legal documents, and remote interactions. Digital technology simplifies life, but advice remains the key element in decision-making. It's this complementarity—the best of digital and human—that now structures the value proposition. Another major shift comes from those under 35, surveyed for the first time in this 10th edition. They assess the performance of private banks more positively than older generations (69% vs. 52%), seek more information independently—especially through social media (31%)—and are more demanding regarding digitalization. Their approach to wealth management is more autonomous, more informed, sometimes more opportunistic.
Yet this generation does not turn away from traditional expectations: personalized advice and tax and wealth management expertise remain the two main reasons for using a private bank (38% each). Autonomy does not equate to distrust; it implies a higher level of expectation. Their interest in the defense and cybersecurity sectors is another sign of the times: 79% and 82%, respectively, believe these sectors offer relevant investment opportunities. Notably, more than 81.5% have already invested in these areas, compared to only 25% of affluent French individuals in general. Entrepreneurs share the same focus. Preferred investment vehicles include publicly traded stocks (35%), ETFs (20%), mutual funds (21%), and private equity (up to 20% among young adults and business leaders). Only two drawbacks are noted: 22% of affluent French individuals still consider private banking expensive, and its perceived capacity for innovation has declined (58%, down 6 points) since last year. However, the overall picture forms a clear trend: private banking in 2025 is broader, more modern, younger, and more connected to the real economy. A continuously reinventing sector, driven as much by demand as by technological transformations.
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
