Growing wealth may make global investment diversification, multi-currency planning, and Swiss wealth management increasingly relevant.
Nearly one million additional US dollar millionaires were recorded globally in 2025. The United States accounted for almost half of the increase, adding more than 440,000 new millionaires.
This is a notable reflection of American wealth creation. It also raises an important planning question:
How much of that wealth remains dependent on the United States?
A portfolio may contain numerous securities while remaining concentrated in one country, currency, economic cycle, and financial system. For newly wealthy Americans, global diversification can therefore become an important consideration in wealth preservation and long-term planning.
This does not require abandoning successful US investments. It means reviewing whether one country has become responsible for too much of a family’s financial future.
For some investors, Switzerland may form part of that discussion. Certain independent Swiss wealth managers are registered with the US Securities and Exchange Commission and can advise eligible American clients within the applicable US regulatory framework.
The United States continues to demonstrate a strong capacity for personal wealth creation through entrepreneurship, business ownership, compensation, property appreciation, disciplined saving, and long-term participation in financial markets.
Reaching millionaire status, however, often marks the beginning of a new planning phase.
The focus gradually shifts from accumulation to questions such as:
As wealth grows, investment management increasingly becomes part of a broader planning conversation.
Yes.
Many American investors own hundreds or even thousands of securities. Yet their overall exposure may still be predominantly American.
Their wealth may be concentrated in:
Even American multinational companies remain influenced by US valuations, regulation, market sentiment, and economic conditions.
The issue is not that US assets are inherently unsuitable. The United States remains home to deep capital markets, innovative companies, and globally important industries.
The relevant question is whether the family’s overall wealth has become overly dependent on a single domestic environment.
Home bias is the tendency to allocate a disproportionate share of a portfolio to an investor’s domestic market.
This preference is understandable. Domestic investments feel familiar, are reported in the investor’s primary currency, and are widely discussed in local media.
Familiarity, however, is not the same as diversification.
Home bias may leave a family disproportionately exposed to one:
International diversification cannot eliminate risk, but it may reduce reliance on a single market or outcome.
Wealth often becomes concentrated precisely because certain assets have performed well.
An entrepreneur may retain a significant position in the company that created the family’s wealth. An executive may accumulate employer shares over many years. A property portfolio may appreciate substantially. Long-term exposure to US markets may also become increasingly dominant.
The concentration becomes clearer when the family’s entire balance sheet is reviewed.
A household may have a US-based business, domestic property, retirement accounts, equity holdings, banking relationships, income, and future liabilities all tied to the same country.
The assets may be spread across different products, but the underlying dependency remains.
That is why wealth preservation requires looking beyond the investment portfolio alone.
No.
Global diversification is not a prediction that US markets will underperform. Nor does it require an investor to withdraw from them.
The objective may simply be to complement existing US exposure with investments in other regions, currencies, sectors, and economic systems.
Depending on the investor’s circumstances, this could include exposure to developed European markets, Switzerland, the United Kingdom, Asia-Pacific economies, selected emerging markets, international fixed income, infrastructure, or businesses with different return drivers.
The appropriate approach will vary.
An entrepreneur with substantial US business exposure may require a different strategy from a retiree whose income and spending remain entirely domestic. An internationally mobile family may also have different currency and jurisdictional needs.
Diversification should therefore begin with the family’s actual circumstances rather than a standard allocation model.
Currency exposure can become increasingly important as a family’s financial life becomes more international.
Children may study abroad. A second home may be purchased in Europe. Family members may relocate. Future healthcare, education, retirement, or lifestyle expenses may arise outside the United States.
In such cases, holding nearly all assets in US dollars may create a mismatch between the currency in which wealth is held and the currencies in which it may eventually be spent.
Some families therefore consider measured exposure to currencies such as the Swiss franc, Euro, or British pound.
Foreign-currency holdings introduce exchange-rate risk and may increase volatility when measured in dollars. The purpose is not to speculate on currencies, but to determine whether the portfolio reflects the family’s likely future liabilities.
Not always.
A globally invested portfolio may still be held entirely within one banking and custody jurisdiction.
For some families, this is entirely appropriate. Others may wish to evaluate whether maintaining financial relationships in more than one well-regulated country supports their long-term objectives.
Jurisdictional diversification may involve reviewing:
International accounts do not remove US tax or reporting obligations. American citizens and US tax residents generally remain subject to applicable US taxation and financial-account disclosure requirements wherever their assets are held.
Any cross-border structure should therefore be developed transparently and in coordination with qualified legal and tax professionals.
Switzerland has a long-established financial sector serving internationally active clients, including through multi-currency investment and custody arrangements.
Its relevance for American investors is not based on secrecy. Modern Swiss wealth management for US clients operates within extensive regulatory, tax-reporting, and compliance requirements.
For internationally minded Americans, Switzerland may offer:
These potential benefits must be weighed against account minimums, costs, currency risk, tax considerations, investment restrictions, and regulatory complexity.
Switzerland will not be suitable for every American investor. Its relevance depends on the family’s objectives and circumstances.
Some can, but not every Swiss wealth manager or private bank is positioned to serve US persons.
American investors should distinguish between a financial institution that accepts US-connected accounts and an investment adviser registered to provide regulated advice to US clients.
Certain independent Swiss wealth managers are registered with the US Securities and Exchange Commission as investment advisers. Their registration and regulatory disclosures can be reviewed through the SEC’s Investment Adviser Public Disclosure database.
Registration does not imply SEC approval, endorsement, or a guarantee of investment performance. It does, however, provide investors with a public record containing information about the firm’s services, fees, ownership, conflicts, and disciplinary history.
A Swiss wealth manager does not necessarily replace a family’s US accountant, attorney, estate planner, or domestic financial advisor.
The relationship may instead complement the existing advisory structure.
The Swiss advisor may focus on global portfolio management, international custody, currency exposure, and jurisdictional diversification. US professionals may continue advising on federal and state tax matters, estate planning, trusts, succession, and business ownership.
This coordinated approach recognizes that investment, tax, legal, and family decisions are closely connected.
International wealth planning is rarely an investment-only exercise.
A meaningful review may begin with the following questions:
The purpose is not to create unnecessary complexity. It is to determine whether the structure that supported wealth creation remains suitable for wealth preservation and succession.
Global diversification should be deliberate rather than reactive.
It should not be driven solely by political headlines, short-term market movements, or predictions about the US dollar.
A considered process typically begins with the family’s:
Implementation may occur gradually through rebalancing, redirecting new cash flows, introducing measured foreign-market or currency exposure, and establishing additional custody relationships where appropriate.
There is no universal allocation suitable for every millionaire. The strategy should reflect the person and family behind the portfolio.
Home bias is the tendency to hold a disproportionate share of investments in an investor’s domestic market. For Americans, this may result in substantial exposure to US equities, bonds, real estate, financial institutions, and the US dollar.
No. Diversification cannot guarantee gains or prevent losses. International investments may introduce currency, political, regulatory, liquidity, tax, and market risks.
Yes, subject to the policies of the financial institution and applicable US and Swiss requirements. US persons generally remain responsible for relevant US tax, disclosure, and financial-account reporting obligations.
The advisor can be searched through the SEC’s Investment Adviser Public Disclosure database. Investors should review the firm’s Form ADV and confirm its registration, services, fees, conflicts, disciplinary history, and other relevant disclosures.
The creation of nearly one million new millionaires in 2025 is an important global wealth story. The United States accounted for more than 440,000 of them.
For many newly wealthy Americans, the next challenge will be different from the one that created their wealth.
Accumulation often rewards focus, conviction, entrepreneurship, and sustained exposure to successful assets. Preservation may require broader geographic, currency, custody, and jurisdictional diversification.
A family can own many investments and still remain highly dependent on one country and financial system.
Reviewing that concentration does not mean turning away from the United States. It means asking whether a structure built for wealth creation is also prepared for long-term preservation, international mobility, and succession.
For some families, a relationship with an SEC-registered Swiss wealth manager may form part of that broader planning process.
Author
We are your partner to find the best private bank.
No matter the problem, Alpen will handcraft a solution for you. We know that there is no one-size-fits-all when striving for financial success. Our approach involves working with our clients to make a unique plan to meet their needs.
Contact us to enhance your financial plan today.
Investment Strategy
Investment Strategy
Investment Strategy
Pierre Gabris
Your contact for wealth management
Website: Agenza GmbH
Following the establishment of his Swiss banking structure, David required a coordinated framework to manage assets across jurisdictions while maintaining compliance with U.S. reporting obligations.
Alpen integrated his assets into a Swiss wealth management structure tailored for internationally active clients. The focus was on aligning investment strategy, currency exposure, and financial planning within a single cross-border framework.
Consolidated multi-bank reporting, integrating assets held with Swiss, U.S. and other onshore or offshore banking relationships into a single comprehensive overview.
Switzerland’s stable political environment, strong financial sector, and long-standing expertise in wealth management provided a reliable foundation for administering David’s international assets.
With the Swiss account in place, Alpen integrated it into a broader offshore banking structure designed for diversification and asset protection.
The Swiss banking environment also offered political stability, robust financial regulation, and a historically strong currency base.
As part of his relocation planning, David explored the process of establishing residency in Switzerland. For non-EU citizens such as U.S. nationals, residency typically requires either employment in Switzerland, the establishment of a local company, or a negotiated tax arrangement with cantonal authorities.
Working alongside local legal and tax advisors, Alpen helped David evaluate the available options and coordinate the financial aspects of the move. This included aligning banking structures, documenting international assets, and preparing financial disclosures required during the residency process.
Opening a Swiss bank account as a U.S. client follows a defined onboarding process based on regulatory requirements and internal bank standards. This includes identity verification, source-of-wealth documentation, and alignment with international reporting frameworks. It also involves coordination with the selected institution, including the negotiation of account terms and applicable fee structures.
Benefit from competitive fee structures, efficient onboarding and responsive service through Alpen’s established banking relationships.
As part of the onboarding, David was required to provide detailed documentation regarding his financial background and the origin of his assets. Minimum deposit thresholds and internal bank criteria were also considered when selecting the appropriate institution.
Once all documentation was complete and approved, the account opening process typically took approximately 1–2 weeks. Alpen then coordinated the initial asset transfers and ensured a smooth transition from existing banking relationships.
