With 4,000 ultra high net worth individuals, the Swiss wealth management sector accounts for 17 per cent of the total private banking industry, making it the second largest country globally in terms of assets under management - at $16.5 trillion - after the US, new research shows. 

Overall, Switzerland has the sixth highest number of UHNW individuals in the world, tailing the US, Japan, Germany, the UK and China, according to a new WealthInsight report: Ultra HNWIs in Switzerland to 2016.

The findings show that Swiss UHNW individuals have an average wealth of over $100 million per person and a combined wealth of $429 billion - the largest concentration of which is in Zurich. However, the research also identified sizeable Swiss UHNW populations in Geneva, Lugano, Lausanne, Basel, Zug and Bern.

Offshore makes up "the bulk" of the country's AuM, with the other funds being sourced from local HNW individuals, the firm said.