UK remains on top for money held at Swiss banks

The total money held in Swiss banks by foreign clients from across the world rose by about 3% to CHF 1.46 trillion in 2017 with the UK leading the list.

The latest data from the Swiss National Bank (SNB) shows the UK accounts for almost a third (27%) of foreign assets parked with Swiss banks. About CHF 403bn from UK citizens and companies are in the hands of Swiss banks. The UK saw an increase of over 12 % in such funds.

The US remains in second place despite a dip of 6% in such funds to CHF 166bn (11% share of all foreign funds). No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.

The funds, described by SNB as liabilities of Swiss banks or amounts due to their clients, are official figures disclosed by Swiss authorities. It does not include the money that foreigners might have in Swiss banks in the names of entities from different countries.

Among BRICS countries, China stands at 20th place (CHF 160bn), Russia at 23rd (CHF 135bn), Brazil 61st (CHF 1.9bn) and South Africa 67th (CHF 1.5bn).

The total money belonging to the developed countries rose 10% to CHF 876bn, while those from developing nations rose marginally to CHF 209bn. The offshore financial centres actually saw a dip of 3% to CHF 378bn.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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