View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 21, 2022updated 23 Mar 2022 1:18pm

Over $200bn of Russian wealth stashed in Swiss banks, reveals Swiss Bankers Association

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

Switzerland’s banking lobby has revealed that the wealthy Russians have stashed away more than $200bn in the country’s banks.

The rare disclosure from the Swiss Bankers Association (SBA) follows Switzerland’s move to break its long-observed neutrality and join the US and other western countries in sanctions against Russia over its continuing military attack in Ukraine. 

The SBA estimates show that Swiss banks may hold between CHF150bn and CHF200bn on behalf of Russian clients in offshore accounts.

The association said that the figures were small in relation to overall assets held in the country, which is considered a safe harbour for stashing money by the world’s richest individuals.

The SBA said in an e-mailed response to Reuters: “The share of assets held for Russian clients likely accounts for a share in the low single-digit percentage range of the total cross-border assets deposited with Swiss banks.”

Wealthy individuals with a connection to Russian president Vladimir Putin saw their assets frozen in most parts of the globe as part of sanctions imposed on the country by the US and its allies in the wake of Ukraine invasion.

The sanctions also forced rich clients, who borrowed against Russian assets, to find more collateral after securities went down in value.

UBS and Credit Suisse, two of the leading investment banks in the country, triggered margin calls on such clients after slashing lending values of Russian debt.

Last week, Credit Suisse CEO Thomas Gottstein said that the Russian money made up approximately 4% of assets at the bank’s wealth management arm.

The firm earlier said that it will comply with Russia sanctions as a matter of ‘principle and policy’. . The firm also stated that its market risk exposure to Russia was ‘not significant’.

UBS recently disclosed $200m exposure to Russian assets that were used as collateral in loans.

The bank also said it has $10m of loans outstanding to its wealth management clients who fell under sanctions.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International