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.