Isn't banking a backbone of the whole Switzerland, and like the main owner of rental properties as well? A friend in Zurich explained to me that people want to buy properties, but nobody is selling and owners prefer rentals. If banking declines, that could lead to a strong rentier economy choking economical progress. I am not talking about major changes within a decade, but beyond that, especially in comparison to China or Singapore.

> Isn't banking a backbone of the whole Switzerland,

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.