This total sum funnelled back home amounted to CHF71 billion (almost $90 billion), compared with almost CHF116 billion in 2021, CHF34 billion in 2020 and CHF54 billion in 2019.
The phenomenon was once again concentrated in the services sector, where divestments amounted to CHF68 billion, according to the Swiss National Bank (SNB) on Friday in its regular statement. Once the exclusive preserve of financial and holding companies (CHF26 billion by 2022), divestments have now spread to the transport and communications sectors (CHF29 billion) and banks (CHF19 billion).
Net investment abroad by the insurance (CHF6 billion), trade (CHF4 billion) and metal and mechanical engineering (CHF5 billion) sectors was by far not enough to balance the flow.
At the end of last year, Swiss direct investment abroad totalled CHF1,319 billion, of which CHF1,293 billion in the form of equity investments and CHF26 billion in the form of loans. Income from these investments amounted to CHF110 billion, CHF10 billion more than in 2021.
The repatriation trend also persisted in the other direction, with non-resident companies also withdrawing more capital from Switzerland than they injected. However, net disinvestment was moderate at CHF58 billion, compared with CHF133 billion a year earlier.
The withdrawal of CHF70 billion by financial and holding companies was partially offset by net investments in trade (CHF11 billion) and in the chemicals and plastics industries (CHF8 billion). Stocks of foreign direct investment in Switzerland stood at CHF1,055 billion at the end of December, again mainly in the form of equity holdings. Income from these investments rose by 1% to CHF102 billion.
By 2022, the Swiss-controlled companies surveyed by the SNB will control CHF20,300 billion of assets abroad, employing almost 2.28 million people overseas and another half a million at home, and generating sales of CHF887 billion (up 8%).
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