Before I answer you, did you know that neighboring Austria’s banking secrecy was just as strong and is still very strong for Austrian citizens? Does Austria have a future? Silly question you might conclude.
Switzerland’s attractiveness is in its confederate structure, the national government is still extremely small and the states (cantons) administer regulations on any entrepreneur’s behalf and itnis applicable law in all Swiss states barring any conflict. But the general lack of conflict comes from Switzerland being sparsely population, nothing is happening! So, the fintech sector in the state of Zug pays just as much as Silicon Valley except with the lowest state taxes and no federal income tax. All because a couple people asked the financial regulator in Zug (population 100,000) to accept some useful laws.
You get the whole brand of Switzerland and its sovereignty from a tiny state agreeing with you. Shop around!
Being an EFTA member but non-EU and non-Eurozone allows it to experiment more dramatically without pushback from Brussels.
The mixture of cultures in Switzerland smoothes out some of the quirks of the monocultures in its neighboring countries
I do think that Switzerland might have a problem with banks soon or later, but currently I don't see such situation clearly developing (rather more in Germany with Commerzbank & Deutsche Bank?).
https://www.maxongroup.com/maxon/view/content/product-overvi...
The medical-related area has probably others, but I personally have no clue about that.
1) Very conservative and risk-averse population, yes, but also really open to technological innovation
2) Best universities in mainland Europe
3) High profile mutlinationals having their headquarters there
This could go on and on ...
Switzerland definitely does.
Banking and insurance is nowadays somewhere between 5% and 10% (depending which calculation method you use) of the gross value of Switzerland.
Switzerland is still the biggest wealth manager. Most of the wealth (aka black money) managed by swiss banks is nowadays just in offshore tax heavens, like the US.
The real backbone and the reason for stability are those thousands of small and medium sized manufacturing companies.
For example, many tech companies put offices there, and choose to host servers to be both out of US and EU jurisdiction.
You will not be allowed to do illegal things, but there's less worry about things like FISA abuse
https://theintercept.com/2019/10/10/fbi-nsa-mass-surveillanc...
The biggest problem the Swiss have is that everywhere else seems really dirty in comparison.
Another thing, they have strong universities, with good connection between science and innovations. When I checked their startups, a large share of them focussed on advanced science or tech.
They also attract our (German) best specialists, particularly, doctors :)
The Gotthard Base Tunnel would like to have a word ;)
https://en.wikipedia.org/wiki/Gotthard_Base_Tunnel
It might not be as visually impressive as a new airport or bridge, but it is one of the largest infrastructure projects of the last couple decades worldwide.