{"id":61099,"date":"2014-06-23T23:57:59","date_gmt":"2014-06-23T21:57:59","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=61099"},"modified":"2014-06-25T10:50:38","modified_gmt":"2014-06-25T08:50:38","slug":"sa-billions-in-swiss-banks","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/61099\/sa-billions-in-swiss-banks\/","title":{"rendered":"SA billions in Swiss banks"},"content":{"rendered":"

South Africa has over R36.5 billion stashed away inside the Swiss banking system, accounting for 0.23% of all foreign currency stowed in the country.<\/p>\n

This is according to the latest data released by the Switzerland National Bank<\/a> (SNB), the country’s banking policy maker, which reported financial data for the 283 countries and banking regions storing money across 80 Swiss banks.<\/p>\n

The data reveals that direct foreign currency exposure to Swiss banks totals 1.24 trillion francs (US$1.38 trillion), with a further 91.45 billion francs (US$102.1 billion) held through fiduciaries – totaling just over 1.33 billion francs (US$1.5 trillion).<\/p>\n

Ranking countries based on the direct client exposure as well as funds held through \u201cfiduciaries\u201d or wealth managers with Swiss banks, the UK by far has the largest amount of money stored in the system, with total exposure equaling 276.9 billion francs (US$309.5 billion).<\/p>\n

The USA has the second largest stash, with 193 billion francs (US$216.3 billion) kept safe in Swiss banks, while the West Indies (in the UK) rank third with just over 100 billion francs (US$111.7 billion) worth exposed to the market.<\/p>\n

Notably, the top 5 countries’ exposure accounts for over 50% of the total amount of foreign currency held by the country’s banks.<\/p>\n

Top 10 countries with money in Swiss banks (US$millions)<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Country<\/strong><\/td>\nDirect exposure
\n<\/strong><\/td>\n		Fiduciary Exposure
\n<\/strong><\/td>\n		Total<\/strong><\/td>\n<\/tr>\n
United Kingdom<\/td>\n305,178<\/td>\n4,300<\/td>\n309,478<\/td>\n<\/tr>\n
United States<\/td>\n214,917<\/td>\n1,414<\/td>\n216,332<\/td>\n<\/tr>\n
West Indies (UK)<\/td>\n93,266<\/td>\n18,771<\/td>\n112,037<\/td>\n<\/tr>\n
Germany<\/td>\n56,851<\/td>\n1,691<\/td>\n58,543<\/td>\n<\/tr>\n
Guernsey<\/td>\n54,680<\/td>\n771<\/td>\n55,451<\/td>\n<\/tr>\n
Luxembourg<\/td>\n50,723<\/td>\n4,074<\/td>\n54,797<\/td>\n<\/tr>\n
Jersey<\/td>\n49,347<\/td>\n2,457<\/td>\n51,805<\/td>\n<\/tr>\n
Bahamas<\/td>\n45,942<\/td>\n4,792<\/td>\n50,734<\/td>\n<\/tr>\n
France<\/td>\n46,694<\/td>\n1,833<\/td>\n48,527<\/td>\n<\/tr>\n
Panama<\/td>\n32,824<\/td>\n6,218<\/td>\n39,043<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Looking at the Brics nations, only Russia ranked within the top 20 markets (16th) with 15.8 billion francs (US$17.6 billion), with China’s 6.7 billion francs (US$7.5 billion) and Brazil’s 3.8 billion francs\u00a0(US$4.2 billion) following in 30th.<\/p>\n

South Africa – ranked 43rd overall – has a total exposure equals close to 3.1 billion francs (US$3.44 billion) – over R36.5 billion<\/strong> – while India, ranked 58th overall, rounds off the Brics nations with 2.03 billion francs (US$2.27 billion).<\/p>\n

Brics nations with money in Swiss banks (US$millions)<\/h3>\n
\n\n\n\n\n\n\n\n
Country<\/strong><\/td>\nDirect Exposure<\/strong><\/td>\nFiduciary Exposire <\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
Russia<\/td>\n14,801<\/td>\n2,831<\/td>\n17,632<\/td>\n<\/tr>\n
China<\/td>\n7,466<\/td>\n74<\/td>\n7,541<\/td>\n<\/tr>\n
Brazil<\/td>\n3,877<\/td>\n340<\/td>\n4,218<\/td>\n<\/tr>\n
South Africa<\/td>\n3,289<\/td>\n151<\/td>\n3,441<\/td>\n<\/tr>\n
India<\/td>\n2,182<\/td>\n86<\/td>\n2,268<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

(Conversions: $1 = R10.61 | $1 = 0.89 francs)<\/p>\n

\"SA<\/a>

SA currency exposure to Swiss banks<\/p><\/div>\n

More on South Africa<\/h3>\n

The cost of cyber-crime in South Africa<\/a><\/strong><\/p>\n

South Africa\u2019s massive wage gap<\/a><\/strong><\/p>\n

South Africa\u2019s most violent city<\/a><\/strong><\/p>\n

The worlds biggest military spenders<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa is one of 283 countries and banking regions currently storing money in the Swiss banking system – a system which holds over US$1.5 trillion of the world’s wealth.<\/p>\n","protected":false},"author":10,"featured_media":48264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[10335,26,853,8207],"class_list":["post-61099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-headline","tag-south-africa","tag-swiss-banks"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/61099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=61099"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/61099\/revisions"}],"predecessor-version":[{"id":61253,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/61099\/revisions\/61253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/48264"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=61099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=61099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=61099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}