• Swiss banks and consulting firms are seeing an influx in rich American investors as President Trump’s tariffs rock the markets and U.S. dollar. The 1% are opening offshore investment accounts and shelling out on gold bars—but it’s not the only way U.S. citizens are protecting their wealth from the stock market bloodbath.

Economists from J.P. Morgan to Apollo are waving the red flag: a U.S. recession is likely. So Americans are handing over their money to a more level-headed authority, Switzerland, opening investment accounts and buying gold in droves.

“It comes in waves,” Pierre Gabris, CEO of Swiss consulting firm Alpen Partners International, told NBC News.

The U.S. economy has been in shambles since President Trump brought down the hammer on international trade. His “Liberation Day” on April 2 unveiled a baseline 10% tariff on all goods imported into America. Trump’s biggest foreign adversary, China, got the shortest end of the stick; tariffs of up to 145% on their products. Spooked investors quickly sold off their stocks and U.S. Treasuries, causing a $10 trillion elimination of global equities, before Trump “paused” some of his tariffs on April 9.

Instead of selling up in the dip or trying to time the market, wealthy Americans are diversifying their portfolios and banking on one of the safest, most stable economies in the world: Switzerland.

Why Switzerland is attracting wealthy Americans

Swiss private bank Pictet told NBC News it has witnessed a “significant uptick” in customer requests at its Swiss-based entity registered with the SEC for U.S. clients.

Other financial consulting firms in the country, like Alpen Partners International, have enjoyed business rolling in from North America. It’s all part of customers’ plan to “de-Americanize” their investments—and Switzerland will happily take their money.

The European nation has become a financial safe haven for a few reasons: the country’s politics are often neutral, the economy is stable, and the currency is reliable.

American investors are able to deposit money to their Swiss bank accounts in the Swiss Franc, with other currency options of euros and dollars available. But Switzerland’s stable tender may be preferred as the value of America’s currency weakens—the franc has historically gained value against both the euro and U.S. dollar. Switzerland’s inflation rate is also relatively low, and the government is traditionally non-interventionist.

The neutral state is also well-known for its gold storage and refineries, which U.S. investors can buy up with their Swiss bank accounts. Physical gold is a popular investment during market volatility for its unwavering value. It even outperformed the S&P 500 during the rocky month of March.

“Gold’s safe-haven status has not weakened,” Lina Thomas, a commodities analyst at Goldman Sachs, told Fortune. Following market uncertainty, like Trump’s sweeping tariffs, prices might drop before quickly rebounding. “After which we expect to see a sharp increase in gold demand.”

Opening a Swiss bank account is relatively straightforward, but the process does come with strict U.S. disclosure laws. Americans need to report their accounts to the IRS through the Report of Foreign Bank and Financial Accounts. Swiss banks must also run background backs on clients to ensure they comply with anti-money laundering regulations.

US citizens are bunkering down to prepare for recession

Pouring money into Swiss bank accounts and stocking up on gold bars aren’t the only ways Americans are “recession-proofing” their lives.

Late last year U.S. citizens were bracing for President Trump’s inevitable tariffs by stockpiling on the essentials; one in three Americans planned to buy more goods, with 39% citing tariff fear as their main motivator, according to a 2024 survey from CreditCards.com. Toilet paper was top of their list, followed by non-perishable foods, medical supplies, and over-the-counter medication.

Even Gen Z—known for “doom spending” on little luxuries for dopamine hits—is abandoning their financial habits. They’re currently scaling back on frivolous purchases with “no buy lists,” using ChatGPT as a free therapist, and dumpster diving for products, young people are driving a trend of thriftiness.

“Right now there’s a lot of economic uncertainty,” TikTok user @whatshesaves said in a video, adding that she is tackling $9,000 worth of debt. “I am actually trying to go on this journey of eliminating as many things out of my life, in living more intentionally, not just going shopping.”