The richest people from the Persian Gulf countries plan to transfer assets to Switzerland

If the situation in the Middle East deteriorates, the richest residents of the countries on the Persian Gulf will move their assets to Switzerland, according to a Reuters survey, the results of which were announced on Friday. The agency recalled that the outflow of capital from the United Arab Emirates has been observed for several years.

Reuters conducted a survey of several bankers and financial advisors who manage assets worth over $1 trillion. The vast majority responded positively to such a scenario.

“Due to recent events, we expect that assets from the Middle East will increasingly be located in Switzerland. Information obtained from banks, family wealth management companies and other wealthy individuals shows that talks on this matter are currently underway,” Patrik Spiller from the consulting firm Deloitte Switzerland told Reuters.

The agency emphasized that the war between Israel and the US against Iran, which has been ongoing for almost two weeks, and the related retaliatory strikes by the Iranian army against targets in various countries of the Persian Gulf may accelerate the phenomenon that has been observed for at least three years.

It was recalled that during this period, the outflow of funds deposited in the United Arab Emirates increased by approximately 40%. These are funds owned by private individuals and entities that are not banks. “The process gained momentum after last year's attacks by Israel and the US on Iran,” Spiller told Reuters.

Reuters also reminded that although Switzerland is still considered to be the so-called safe haven, however, it faces growing competition from financial centers located, among others, in the Far East, but until recently there were also centers in the Middle East.

When asked to comment on this matter, the Swiss Bankers Association (SBA) emphasized, among other things, that Switzerland has long positioned itself as an attractive place for wealthy investors.

“Our advantage right now is that we can score points with our 'Swissness,' namely safe conditions, political stability and the rule of law. I think that's particularly appreciated in times like these,” SBA Chief Economist Martin Hess said, as quoted by Reuters.

The agency also recalled that after the start of the American-Israeli war against Iran, the Swiss franc reached its highest value against the euro in 10 years. (PAP)

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