The richest people in the Persian Gulf are transferring their wealth. “Talks are currently underway”
Reuters reminds that the outflow of capital from the United Arab Emirates has been observed for several years. Over the last three years, funds deposited in the UAE have increased by approximately 40 percent, and this trend applies to both individual clients and institutions other than banks. The process accelerated after last year's attacks on Iran by Israel and the United States.
“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 subject are currently ongoing.” — comments Patrik Spiller from Deloitte Switzerland.
The richest of the Persian Gulf countries are planning to transfer assets
The current geopolitical situation, including the war between Israel and the United States against Iran that has been ongoing for almost two weeks and the Iranian army's retaliatory attacks on targets in the Persian Gulf countries, may further accelerate the transfer of assets to Switzerland.
Read also: This is the greatest threat to the Persian Gulf countries. “Some Kind of Weakness”
Switzerland remains an attractive destination for wealthy investors, although it faces growing competition from Asian financial centers and Middle Eastern markets.
“Currently, our advantage is that we can gain an advantage thanks to our 'Swissness', i.e. safe conditions, political stability and the rule of law. I believe this is particularly valuable in times like these,” emphasizes Martin Hess, chief economist of the Swiss Bankers Association (SBA).
It is worth adding that the Swiss franc reached its highest level against the euro in a decade after the start of the American-Israeli offensive against Iran.
