The world’s richest people are leaving Switzerland and turning to countries like Dubai, Qatar and Singapore to house their assets.
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Switzerland's importance as a private banking hub will shrink after the country increased its tax transparency, according to Indian billionaire Gopichand Hinduja, one of four brothers who control the family's Hinduja Group conglomerate. The world's richest people are instead turning to countries like Dubai, Qatar and Singapore to house their assets as Switzerland loses its allure as a haven, the 76-year-old London-based investor said.Hinduja is one of four billionaire brothers who control Hinduja Group, a closely-held industrial conglomerate with interests in cars, finance, media and energy on five continents.Srichand Hinduja, one of the brothers, is the founder and chairman of Hinduja Bank Switzerland, which manages 2.3 billion Swiss francs ($2.3 billion) of assets, according to the company's 2015 annual report. The family's London real estate assets are valued at more than $1.2 billion, according to the billionaires index.
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