Money in Swiss banks: India at 77th place accounts for 0.06% of all foreign funds

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News: Swiss National Bank has released the analysis of the latest annual banking statistics.

Facts:

Key Takeaways:

  • Top Countries: UK was ranked first as it accounted for close to 27% of the total foreign funds parked with Swiss banks at the end of 2019.
    • The UK was followed by the US, West Indies, France and Hong Kong in the top five.
  • India: India has moved down three places to 77th rank in 2019 as it accounted for just about 0.06% of the total foreign funds parked with Swiss banks.
    • The money parked by Indians in Swiss Banks has fallen by 5.8% to CHF 899 million (Rs 7,100 crore) in 2019.
  • BRICS Countries: India is ranked the lowest while Russia is ranked the highest at the 20th place followed by China at 22nd, South Africa at 56th and Brazil at 62nd.
  • Neighbouring countries: India’s neighbouring nations are ranked lower than India with Pakistan ranked 99th, Bangladesh 85th, Nepal 118th, Sri Lanka 148th, Myanmar 186th and Bhutan 196th.