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Pictet Group
©2026, Pictet Group
Annual Review
To our clients, colleagues, communities and the companies we invest in.
Group reports for 2025
Senior Managing Partner Marc Pictet presents the Annual Review of the Pictet Group for 2025
Discover our Annual Review
Featured in this year’s Annual Review
The Pictet Partners – A photographic exploration with Tom Fecht
Prix Pictet-shortlisted artist Tom Fecht photographed the Pictet Group’s Managing Partners in one of the many collaborative spaces of the newly constructed Campus Pictet de Rochemont. They are pictured in front of artworks from their offices – further details below the video.
Artworks from the Collection Pictet
- Sylvie Fleury, Shield, 2000, Swarovski crystal on white synthetic fur. From Elif Aktuğ’s office.
- Edward Burtynsky, Oil Spill #15, Submerged Pipeline, Gulf of Mexico, June 24, 2010. From Sébastien Eisinger’s office.
- Hans Emmenegger, Waldinneres, 1933, oil on canvas. From François Pictet’s office.
- Ishita Chakraborty, Where The Wild Things Roam, Birds of Paradise, 2025, watercolour and acrylic on jute pasted saree cotton fabric. From Raymond Sagayam’s office.
- Franz Gertsch, Saintes Maries de la Mer, woodcut printed on Kumohadamashi Japanese paper made by Heizaburo Iwano. From Sven Holstenson’s office.
- Darren Almond, Shan Shui Fullmoon, 2008, chromogenic print. From Laurent Ramsey’s office.
- Pablo Atchugarry, marble sculpture. From Marc Pictet’s office.
Eight long-term trends – Collages illustrated by Olivia Arthur
Olivia Arthur
Olivia Arthur, nominated for the Prix Pictet “Space” cycle, is a London-based photographer working across multiple platforms.
She is a member of the Magnum Photos agency and has produced the books Jeddah Diary, Stranger and Murmurings of the Skin.
Olivia studied mathematics at Oxford University and photojournalism at the London College of Printing.
Browse our gallery below and discover the trends.
Geopolitical Fragmentation
The political and economic order is set to fragment further. Many nations are pursuing a more transactional, bilateral approach, shifting the world towards regional blocs in trade, defence and energy. While the US and China will remain dominant, the influence of international organisations such as the UN is likely to wane, increasing the risk of confrontation. Global defence spending has soared past USD 3.3 trillion annually and is expected to be ramped up further, while some 120 million people worldwide are displaced by conflict.
The Rise of Asia
Asia is emerging as the world’s pre-eminent economic force. Its nominal GDP is forecast to reach USD 58 trillion by 2030, overtaking the combined output of the US and the EU. Private wealth across the region is anticipated to grow at more than twice the pace of that in North America and Europe. Local investors are increasingly deploying capital in developed markets, while Western investors are discovering higher-yielding opportunities in the region. Increasing wealth, market maturity and investor sophistication should further drive growth.
The Growth of Private Assets
Private assets have experienced explosive growth over the past decade, with assets under management (AUM) more than doubling to surpass USD 15 trillion globally. Beyond real estate, investors are seeking opportunities in private equity, private debt and infrastructure to diversify their portfolios and increase returns. By 2030, private assets are projected to account for 20% of total global AUM and nearly half of the financial services industry’s revenues, primarily driven by institutional investors, ultra-high-net-worth individuals and, increasingly, family offices.
Debt (Un)sustainability
Global public debt is predicted to exceed USD 330 trillion by 2030, fuelled by governments’ rising expenditure on defence, healthcare, social security and the energy transition. As sovereign debt climbs to levels not seen since the aftermath of the Second World War, investors may look to diversify into corporate credit or other higher-yielding assets. Higher leverage will heighten systemic risk for companies and households alike, intensifying the search for safe haven markets.
Responsible Capitalism
Climate-related extreme weather events have cost the global economy more than USD 2 trillion over the past decade, driving demand for energy transition and nature-positive solutions. Despite the withdrawal of the US from the United Nations Framework Convention on Climate Change and the Paris Agreement, investors continue to recognise the economic case for a lower-emission future. Adaptation is now as urgent as mitigation. Innovation will be central to the transition and create new opportunities in sustainable investment.
Exponential Productivity
By 2030, generative AI could automate over 30% of current work hours, fundamentally reshaping the workforce rather than eliminating entire roles. In finance, applications such as content synthesis, predictive analytics and coding promise significant productivity gains. AI offers strong potential across quantitative and more traditional investment strategies. Yet even though tech spend is expected to outpace hiring in the coming years, every stage of the development process — from training, testing through to the refinement of AI-driven models in finance — will require human expertise.
Cyber Safety
Cyber threats continue to surge, with politically motivated hacking up tenfold since 2021. Generative AI is making attacks more sophisticated, enabling malicious actors to increase the speed, scale and effectiveness of their operations. Quantum computing poses an additional threat to current encryption methods, particularly those used for secure web connections in banking and for digital signatures. Meanwhile, cybersecurity professionals are using generative AI to build a new generation of safeguards, leading to an AI arms race.
Instant Finance
Financial transactions and investing are becoming increasingly instantaneous, enabling on-demand access to services such as payments, lending and credit. Instant finance, driven by tokenisation, is replacing legacy systems with same-day settlement, digital intermediaries and open networks governed by smart contracts. The total tokenised market capitalisation is projected to reach USD 2 trillion by 2030 and cryptocurrencies are set to gain broader acceptance as a new asset class.
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Capital adequacy disclosure report
The Capital adequacy disclosure report is a mandatory legal publication in accordance with the requirements of the Swiss Financial Market Supervisory Authority (FINMA).
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