India placed at 61st position in terms of foreigners’ money in Swiss banks

India was placed at 61st position in terms of foreigners’ money in Swiss banks. This was revealed by latest data released by Swiss National Bank (SNB), the central bank of Switzerland, in the fourth week of June 2015.

As per the data, India now accounts for a meagre 0.123 per cent of the total global wealth worth 1.6 trillion US dollars in Switzerland's banking system.

Indians' money in Swiss banks declined by over 10 percent to about 1.8 billion Swiss francs (1.98 billion US dollars or 12615 crore rupees) in 2014.

This is the second lowest level of Indian money in Swiss banks, after an increase of over 40 percent in 2013. Further, the decline comes amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system.

The big banks accounted for 1.48 billion Swiss francs of Indians' money which was up from 1.36 billion Swiss francs in 2013.

Other highlights

• The countries to top the list are the United Kingdom (UK) and the United States (US) who holds the largest shares of the foreign clients' money with Swiss banks.
• The UK and the US are followed by West Indies, Guernsey, Germany, Bahamas, Luxembourg, France, Jersey and Hong Kong
• The UK alone accounts for 22 percent of total global funds in Swiss banks.
• Top four nation together account for over half of all foreigners' wealth in Swiss banks, which rose to 1.47 trillion Swiss francs (about 102 lakh crore rupees or 1.6 trillion US dollars) in 2014.
• Just two big banks, UBS and Credit Suisse, account for nearly two-third of the total money kept by foreigners in Swiss banks while in case of Indians it is even higher at about 82 percent.
• Pakistan in the list is placed at 73rd position with their share almost doubling to 472 million Swiss francs. This accounts for 36 percent of the total amount of 1.3 billion Swiss francs held in all Swiss banks by their clients.

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