Pakistan nationals stash more money in Swiss Banks than Indians, but Chinese way ahead of both countries

As foreign nationals decreased their stash in Swiss banks in 2015, Pakistan's citizens have bucked the global trend by hoarding 16 percent more monies than the previous year. With Rs. 10,362 crore in Switzerland's safety vaults, Pakistan's hoard is nearly Rs. 2000 crore more that of India. Pakistan had 1.3 billion CHF (Rs. 8976 crore) in 2014.

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India's stash declined 33 percent or 564 million Swiss francs (CHF) to 1.2 billion CHF (Rs. 8,392 crore) at the end of 2015. Indians had 1.7 billion (Rs. 11,744 crore) stashed in Swiss banks in 2014.

Press Trust of India citing data from Swiss National Bank (SNB) said Pakistani nationals had 1.5 billion CHF in 2015, which was 16 percent more than 1.3 billion seen at 2014 end.

Incidentally, Pakistan witnessed a second consecutive rise in Swiss money, while India saw its second consecutive fall. The report noted that this is not the first time that Swiss money from Pakistan has superceded that of India. In 2012 too, Pakistan's nationals had more money than Indians in the Swiss banks, it added. China's stash came down from 8.16 billion CHF in 2014 to 7.4 billion CHF in 2015. See table below to get an overall picture of the global wealth in Swiss banks.

SNB's data on "amounts due to their clients" or "liabilities" do not mean or indicate the hotly debated global issue of tax evaders or their unaccounted wealth. Neither does it factor-in citizens or the entities, which have opened Swiss accounts via an offshore destination than from where they originally belong.

The news agency added that regulatory crackdown from nations across the globe had led to a fall in Swiss amount. And 2017 is also expected to see a global information sharing regime to come into action to check black money flow.