Political uncertainty is often one of the big reasons for people moving money overseas.
A recent GlobalData wealth managers survey shows that Switzerland, Indonesia and South Africa top the list of countries where a fear of change to the political winds is driving people to move money abroad.
In Switzerland — a country renowned for its steadiness — people are beginning to worry changes to banking laws could mean it’s time to move money abroad.
The private banking industry has become less secretive in Switzerland and over recent years changes to laws brought about by the Swiss leaks scandal have caused concern for the super rich.
The survey asked managers what the two most important drivers for high net worth clients to hold wealth offshore were; either political uncertainty or economic instability.