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6/19/2012

Singapore’s money stashed in Swiss Banks



How much money did Singaporeans stashed away in the safe haven in Switzerland? According to Swiss banking data, foreign money deposited in Swiss Banks amounted to 1.53 trillion Swiss Francs or about US$1.6 trillion. Of these, UK has a 20% share or about 300b Swiss Franc followed by US at 18%. This is followed by Germany, France, Hongkong and Japan with Singapore at 14th position. Singapore is ahead of countries like Australia, Italy, Netherland, Russia, Saudi Arabia, UAE and even India. The latter is ranked 55th .

How much is the net amount Singaporeans hid away in Swiss Banks for safety reasons and who are the real owners? A ballpark figure could be in the region of US$50b to US$100b. This is no small change for a small little island, standing way above the heads of bigger countries like Australia and the oil rich Saudi Arabia and UAE.

Interesting numbers to ponder over, the whys and the whos.

9 comments:

Anonymous said...

What is wrong with putting money for safe keeping anywhere? Furthermore, some other countries offer better rates than Sg.
Wise folks dont keep all their eggs in one basket.
And here, it is just money, what about property, gold and foreign investments or investments in other countries?

Anonymous said...

Sg is safe for foreigners to stash their fortunes here. However, Singaporeans find other countries safer for their own fortunes, lols...

Anonymous said...

It is wrong if the source of money is unknown or improper.

Anonymous said...

Rich man Saverin wire transfer $100million to our 3 local banks and 3 foreign banks incorporated here. These 6 banks in turn transfer partial of funds to Swiss banks, so called inter-bank sharing of risk.

What is the problem ? If you have no trust, everything and anything is a problem.

Anonymous said...

Rich Singaporeans do not want to put their money in Singapore banks.

Then news may leak out into the internet.

That's why they prefer to put into Swiss banks.

Now. Just who are these Singaporeans who are so sensitive?
Afraid to declare their billions?

Anonymous said...

First of all,must get a proper definition of Singaporeans,are they Singapore citizens or foreigners with P.R.,looks like the whole world is confused.

Anonymous said...

So rich man Saverin who ran to Singapore so as not to pay tax in USA is one Singaporean,what a joke!

Anonymous said...

I hope Wiki leaks exposes them all. Hahaha!

Anonymous said...

The CIA and MI6 knew exactly who put in how much.