Indian Offshore Wealth Makes It Way In Asia Not Swiss Banks
Nirmal Singh 3C Company finds that Switzerland is no more a preferred location for tourists. More than 53 per cent of the Indian wealth is going to countries like Hong Kong, Macau, Singapore, Bahrain and Malaysia. The offshore wealth by Indians in tax havens surged to nearly 90% + since 2007 to $62.9 billion (about Rs 4 lakh crore) in 2015. This makes it to about 3.1% of the country’s GDP in 2015, the data of the latest year. Nirmal Singh 3C Company would like to mention the account details of Swiss banks which has plunged from 58% to 31% since 2007. The Basel-based Bank of International Settlements (BIS) on bilateral foreign holdings. BIS, the nodal data clearing house for all the international transactions refuted to reveal the data originated in several countries till last year. Nirmal Singh 3C Company analyzed the new data for an NBER paper: Total offshore wealth in the world was $8.6 trillion, which is about 11.6% of world GDP, was calculated by economist Gabrie...