Interesting, because this sounds like wild speculation - yet you've stated it as if it is a cold hard fact. Do you have any sources or statistics to back this up?
In 2018 the Swiss financial sector accounted for 9.1% of GDP. For comparison, in 2018 the US financial sector accounted for 7.4% of US GDP. To claim that it is _entirely_ banking is just plain wrong. To insinuate that there is no innovation elsewhere, (but there sure is in good ol' America), is just insulting.
>Financial markets in the United States ... In 2018, finance and insurance represented 7.4 percent (or $1.5 trillion) of U.S. gross domestic product[0]
>Switzerland’s financial sector ... as a share of gross domestic product (GDP). In 2018, it represented 9.1%[1]
Somewhat more true of Luxembourg than of Switzerland.
> Luxembourg remains a financial powerhouse – the financial sector accounts for more than 35% of GDP - because of the exponential growth of the investment fund sector through the launch and development of cross-border funds (UCITS) in the 1990s. Luxembourg is the world’s second-largest investment fund asset domicile, after the US, with $4 trillion of assets in custody in financial institutions.
3rd most globally competitive economy in the world.
Sure, yeah. no innovation at all at Sandoz, Nestle, Novartis and Roche, and ~200 other companies in life sciences and another 300 in precision manufacturing.
Many are simply legal predators using their enormous funds for legal lobbying. Selling repackaged water, sweetened water, sparkling sweetened water, coloured sweetened water.
