Money in Swiss banks: India slips to 74th place, UK remains on top

June 30, 2019 12:57

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation.

India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago.

An analysis of the latest annual banking statistics released by the Swiss National Bank shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks.

In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018.

Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five.

The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds.

The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent.

The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.

-- PTI

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