ZURICH- India has moved up to the fifty-eighth rank in terms of foreign money among Swiss banks; however it accounts for a meager 0.15 percent of an estimated USD 1.6 trillion total global wealth held in Switzerland's banking system.
The UK has retained its top position with the highest share of near 20 percent of global wealth in the Swiss banking system. India now ranks higher than Pakistan; the latter’s position has slipped from 69th down to 74th as its total exposure to Swiss banks declined from 1.44 billion Swiss francs at the end of 2012 to 1.23 billion Swiss francs in 2013.
Amid much hue and cry over inordinate amounts of illicit wealth stashed by Indians in Swiss banks, the latest official data released by Switzerland's central banking authority (SNB) revealed that Indian money in Swiss banks rose by 43 percent during 2013 to around 2.03 billion Swiss francs; this pushed its global ranking up from 70th by the close of 2012.
The rankings are based on the direct client exposure as the funds are held through wealth managers with a total of 283 banks in Switzerland.
Nevertheless China continues to rank above India despite its slip by four places to 30th. Among other major emerging economies, Brazil, Russia and South Africa also ranked higher than India, whose 58th position persists in holding the lowest position among major economies across the world.
The countries ranked below India include Philippines, Kazakhstan, Bahrain, Iran, Pakistan, Mauritius, Bangladesh, Palestine, Barbados, Macau SAR, Iraq, Brunei and Zimbabwe.