[SUMMER SERIES 1/8] Zurich, a city in decline or preparing its renewal behind the scenes?

Zurich, a step ahead (summer series 1/8). This summer, Xavier Comtesse and Philippe Labouchère paint a portrait of the country's economic capital and draw lessons for French-speaking Switzerland.

An article available in AGEFI: https://agefi.com/actualites/opinions/zurich-une-ville-en-declin-ou-qui-prepare-son-renouveau-en-coulisse

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Série d'été - Fact Finding Mission Manufacture Thinking 2025.pdf

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Zurich is the economic capital of Switzerland. With over 1.3 million inhabitants, this major metropolis is primarily known for its financial center and the Swiss Federal Institute of Technology ( ETH Zurich ). In the field of wealth management , it is among the world's leading centers. More than one hundred banks and insurance companies operate in Zurich, making the city a major financial hub. In 2023, banking services accounted for 16% of Swiss service exports, and insurance services for 6.4%. ETH Zurich, with its 24 Nobel laureates , is ranked seventh in the world by the QS World University Rankings . It is, of course, the most prestigious university in Switzerland.

Beyond these two strengths, Zurich is also:

1. A high quality of life . In international rankings by the American consulting firm Mercer, Zurich consistently ranks among the top cities offering the best quality of life in the world, thanks to its excellent public services, safety, infrastructure ( particularly reliable public transportation), and natural environment. The city is renowned for its cleanliness, the quality of its water (including that of Lake Zurich), and its numerous opportunities for outdoor recreation (swimming, hiking, etc.), even in the heart of the city.

2. First in IMD's annual "Smart City" ranking. This ranking, calculated by the competitiveness of nations team, provides a modern picture of the evolution of cities in terms of connectivity and creativity.

3. The most expensive in the world, along with Shanghai, according to The Economist 's ranking . Of course, the strength of the Swiss franc plays a crucial role in this ranking, but it indirectly reflects the high purchasing power of the metropolis's residents as well as the ability of companies based there to raise funds.

A radical shift

In short, this description seems to say it has everything going for it.

However, since the end of banking secrecy (March 13, 2009) and the collapse of Credit Suisse (March 19, 2023), things have changed profoundly: the financial center no longer flaunts its wealth as it once did. Paradeplatz is no longer feared. Federal government policy dictates the rules. Zurich seems to be under control.

This is all the more concerning given that since Kurt Wüthrich's Nobel Prize in Chemistry in 2002 , there has been no laureate from the region. Science is in decline, a decline further exacerbated by the exclusion of European research programs and proposed budget cuts.

So what is happening? Is Zurich experiencing a decline or a revival behind the scenes?

This is precisely what Manufacture Thinking , an industrial think tank, sought to discover this spring by organizing a fact-finding trip to the greater Zurich area. You will soon discover this extraordinary city, along with key findings, in a series of eight articles to be published this summer. These articles will also be accompanied by concrete proposals for revitalizing French-speaking Switzerland.

By Xavier Comtesse and Philippe Labouchère