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Indian wealth in Swiss banks
June 25 , 2024
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- The Indian individuals and firms saw a significant drop in the money they kept in Swiss banks last year.
- According to Switzerland's central bank, these funds fell by 70% in 2023 to 1.04 billion Swiss Francs (around ₹9,771 crore), the lowest in four years.
- At the close of 2023, the total liabilities of Swiss banks towards their Indian clients amounted to 1,039.8 million francs.
- The aggregate funds held by Indian clients with Swiss banks saw a peak of 3.83 billion francs in 2021, which was the highest in 14 years.
- In terms of global rankings for funds held by foreign clients in Swiss banks, India stood at 67th place at the end of 2023, down from 46th place a year earlier.
- Meanwhile, the UK, the US, and France topped the list.
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