Liechtenstein: A Smile in the Financial Storm
As uncertainty spreads elsewhere, Liechtenstein stays composed. The Finance Forum in Vaduz offered an interesting blend of serenity, strategy, and sovereign confidence.
When moderator and TV personality Reto Lipp opened the Finance Forum Liechtenstein 2025 with a live poll, more than 78 percent of the over 400 participants in the Vaduzer Saal rated the current state of Liechtenstein’s financial industry as good, and 10 percent even as excellent.
That left just 11 percent to see dark clouds on the horizon – remarkable, given the recent tremors in global banking.
Pragmatic Openness
In any other place, such a result might have prompted a debate. In Vaduz, it came across as grounded. Three centuries of sovereignty under the House of Liechtenstein, a cultural blend of Catholic composure and pragmatic openness, seem to have lent the country something few financial centers possess: institutional resilience and collective optimism.
In this spirit, an informal award for the Ländle as the «Land of Financial Smiles» would not have seemed out of place.
A United Front: From Prime Minister to Private Banks
One trait that sets Liechtenstein apart is what might be called a «unité de doctrine» – a special blend of alignment between the public sector and financial industry. That became evident not only in tone but also in who stood at the podium.
Land of Financial Smiles: Prime Minister Brigitte Haas. (Image: Courtesy)
The forum, hosted under the patronage of the Ministry for Presidential Affairs and Finance, was opened by the country’s new Prime Minister and Finance Minister, Brigitte Haas.
What About the MiCAR License?
Having assumed office in the midst of the global fallout triggered by Donald Trump’s controversial «Liberation Day», Haas made it clear that economic diplomacy was a top priority during her first month in office. She recounted her meetings at the IMF and World Bank Spring Meetings in Washington, including encounters with Christine Lagarde and Karin Keller-Sutter, and emphasized Liechtenstein’s enduring commitment to openness, stability, and cooperation within the European Economic Area (EEA).
Curiously absent from her address, despite the local buzz, was any mention of Markets in Crypto-Assets (MiCAR) licensing, the much-discussed crypto passport that offers access to the European Union through Liechtenstein. Neither Haas nor any other speaker picked up the thread.
Impressive CEO Line-Up
The coordinated stance was also reflected in the guest list. Among the audience were the CEOs of all eight Liechtenstein banks, including Gabriel Brenna of LLB, Roland Matt of LGT Bank, Urs Monstein of VP Bank, Edi Wögerer of Bank Frick, Philipp Forster of Bendura Bank, and Roman Pfranger of Neue Bank.
And as always, Prince Max von und zu Liechtenstein lent the event a special luster. The group chairman of LGT addressed the audience in a keynote that reaffirmed the central role the princely house continues to play in the country’s finance industry. By unofficial tradition, Prince Max joins the Forum every year, even when he’s not on stage.
A Sense of Joint Stewardship
A sector-spanning panel brought together representatives from the core pillars of Liechtenstein finance. Bruno Schranz, CEO of LLB Fund Services, spoke for the fund industry; Stefan Wenaweser, partner at Marxer & Partner, for fiduciary services; Urs Monstein for private banking; and Fredy Wolfinger, as president of the Association of Independent Asset Managers, for the increasingly challenged EAM sector.
From Left to Right: Fredy Wolfinger, Stefan Wenaweser, Urs Monstein, Bruno Schranz, and Reto Lipp. (Image: Courtesy)
Their message: The sectors communicate. They cooperate. And while external asset managers are facing headwinds, much like in Switzerland, the sense of joint stewardship prevails.
The German Patient
The keynote by economist Clemens Fuest offered a sobering interlude. Germany, he said, was entrapped in a mesh of stagnating investment, demographic decline, and a heavy reliance on its automotive industry. His remarks triggered a visible shift in mood – more alarmed silence than surprise.
Yet Fuest didn’t leave the stage without a note of hope. If Europe succeeds in reducing capital market barriers, he explained, the continent’s GDP potential could rise by over two percentage points. The audience, composed largely of investment decision-makers, nodded in unison. Europe’s sluggish growth, in Fuest’s eyes, is not destiny but policy failure and thus reversible.
Clemens Fuest, President of the Ifo Institute for Economic Research. (Image: Courtesy)
When Prince Max came to the stage, the concentration of power in his hands became unmistakable. In Switzerland, UBS under Sergio Ermotti may dominate with around 50 percent of all banking assets under management—but in Liechtenstein, LGT under Prince Max is even more dominant.
Prince Max Takes the Gloves Off
With 367.5 billion francs in assets under management, LGT controls more than 80 percent of the total assets under management (AUM) across all Liechtenstein banks, including their foreign subsidiaries. That gives extraordinary weight to his words and the prince used it.
Prince Max (right) With Moderator Reto Lipp. (Image: Courtesy)
He picked up on Brigitte Haas’ and Fuest’s geopolitical themes and delivered a surprisingly critical view of the Trump administration, accusing it of moving away from long-established Western values. Europe, he said, must emancipate itself, become more autonomous and assertive—strategically, economically, and politically.
Tech Realities
The forum then shifted gears. Martin Möller, Microsoft’s Head of AI for Financial Services in EMEA, gave an uplifting account of how artificial intelligence can transform financial services, from automating processes to hyper-personalizing client advice.
Microsoft's Martin Moeller. (Image: Courtesy)
And Nikolaus Trzeschan of Mastercard followed with a more cautious note: technology, yes—but not without vigilance, especially when it comes to fraud and money laundering risks in payments.
The Fraud Issue: Nikolaus Trzeschan from Mastercard. (Image: Courtesy)
Dystopian Warnings
The closing keynote by Swiss political philosopher Katja Gentinetta was anything but soothing. She painted a bleak picture of a Europe caught between an authoritarian pull of the U.S. and aggressive Russia.
Her warning: a Russian attack on European territory is a question of «when», not «if». Her plea: resilience, unity, and decisive action from business, politics, and civil society. The severity of her message stood in sharp contrast to the otherwise cooperative, almost serene atmosphere of the day.
Wine, Appetizers, and 439 Billion in Assets
The mood brightened again as participants gathered for a farewell reception, catered by the local Ospelt group. Smiles returned, business cards changed hands, and the financial center of Liechtenstein—mildly shaken, slightly stirred—settled back into its rhythm.
A Lesson in Dystopian Thought: Philosopher Katja Gentinetta. (Image: Courtesy)
But beneath the surface, the numbers speak. In the past decade, the AUM of Liechtenstein’s banks (including foreign subsidiaries) have more than doubled: from 195 billion Swiss francs ($231 billion) in 2013 to 439 billion francs by the end of 2023. Over the same period, Swiss banks saw just a 40 percent rise, according to the Swiss National Bank and the Swiss Bankers Association.
Sovereign Tradition With a Smile
And the Liechtenstein fund industry? It jumped from 70 billion francs in 2021 to more than 100 billion francs by 2023.
No wonder the mood was good. In Liechtenstein, finance isn’t just a business sector. It’s a sovereign tradition with a smile.
