Billionaire Hinduja Sees Switzerland Losing Luster for Wealthy

Switzerland’s importance as a private banking hub will shrink after the country increased its tax transparency, according to Indian billionaire Gopichand Hinduja, a shareholder in the family’s Geneva-based private bank. 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. “People are finding new havens,” Hinduja said in a July 22 interview at his office near Buckingham Palace. “I don’t think Switzerland can maintain its importance in banking.”