NEW DELHI: overseas Wealth detained by Indians in tax havens has rush forward nearly 90% since 2007 to $62.9 billion (about Rs 4 lakh crore) in 2015. That's about 3.1% of the country's GDP in 2015, the latest year for which data is available.
It is tuff to belief that Switzerland is no longer the favored destination for putting wealth. Over 53% of Indian wealth is now held closer home in Asian tax havens like Hong Kong, Macau, Singapore, Bahrain and Malaysia. Swiss banks hold 31% of Indian wealth, down from around 58% in 2007.
This trend has materialized from analysis of data released for the first time by the Basel-based Bank of International Settlements (BIS) on mutual foreign holdings. Till last year, BIS, which is the nodal data clearing house for all international financial transactions, did not reveal the name of the country and origin of the data.
Analysing the newdataform National Bureau Research paper, economist Gabriel Zucman of UCLA (University of California, Los Angeles) and his colleagues Annette Alstads198ter of the Norwegian University of Life Sciences and Niels Johannesen of the University of Copenhagen premeditated that total overseas wealth in the world was $8.6 trillion, which is about 11.6% of world GDP. It is up 54% since 2007.