Economy

Indians’ funds in Swiss banks jump 50% to over Rs 30k crore

Indians’ funds in Swiss banks jump 50% to over Rs 30k crore – Funds by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, have jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021.

  • The funds have increased from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020 in aggregate funds of Indian clients with Swiss banks, marking the second consecutive year of increase.
  • UK topped the charts for foreign clients’ money in Swiss banks at CHF 379 billion. Followed by the US (CHF 168 billion) at the second spot — the only two countries with 100-billion-plus client funds.
  • the top 10 were West Indies, Germany, France, Singapore, Hong Kong, Luxembourg, Bahamas, the Netherlands, Cayman Islands and Cyprus.
  • India stood at 44th place and was ahead of countries such as Poland, South Korea, Sweden, Bahrain, Oman, New Zealand, Norway, Mauritius, Bangladesh, Pakistan, Hungary and Finland.
  • India stood below Russia (15th place) and China (24th), but above South Africa and Brazil among BRICS nations.
  • UAE, Australia, Japan, Italy, Spain, Panama, Saudi Arabia, Mexico, Israel, Taiwan, Lebanon, Turkey, Austria, Ireland, Greece, Bermuda, Marshall Islands, Liberia, Belgium, Malta, Canada, Portugal, Qatar, Egypt, Thailand, Kuwait and Jordan were above India.

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