The Swiss National Bank published its Direct Investment 2024 report, showing that Swiss resident companies were net disinvestors abroad in 2024, repatriating CHF 11 billion overall, while non-resident investors further reduced direct investment in Switzerland with net disinvestment of CHF 83 billion. The outward decline was driven by balance sheet reductions at foreign-controlled finance and holding companies, even as domestically controlled multinationals increased investment abroad and earned higher direct investment income. Foreign-controlled finance and holding companies withdrew CHF 52 billion from non-resident subsidiaries, while manufacturing and other services (excluding those entities) recorded net investment abroad of CHF 41 billion, led by banks (CHF 23 billion) strengthening the capital base of foreign subsidiaries. Across regions, Swiss firms recorded net investment in Asia (CHF 8 billion), Central and South America (CHF 6 billion) and the US (CHF 6 billion), but reduced investment in Europe by CHF 35 billion, largely reflecting withdrawals from holding-company locations, led by Hungary (CHF 37 billion) and then Luxembourg, the Netherlands and Ireland (CHF 20 billion in total). Direct investment stocks abroad rose to CHF 1,340 billion and investment income increased by CHF 11 billion to CHF 108 billion (8.0% return), while foreign direct investment stocks in Switzerland stood at CHF 926 billion (96% equity) and income fell by CHF 10 billion to CHF 92 billion (9.9% return); cumulative withdrawals from Swiss finance and holding companies since 2018 were about CHF 660 billion. Operational data for domestically controlled multinationals surveyed by the SNB was broadly unchanged, with 21,300 foreign subsidiaries employing 2.484 million people and generating CHF 868 billion in turnover. The publication revises figures for 2015–2023, harmonises the direct investment data with already published balance of payments series, and introduces new outward-investment subtotals distinguishing foreign-controlled enterprises from totals excluding them. The report’s tables are available via the SNB data portal, and a printed version is available from 18 December 2025.
Swiss National Bank 2025-12-12
Swiss National Bank releases 2024 direct investment report showing CHF 11 billion net repatriation from abroad and CHF 83 billion foreign disinvestment in Switzerland
The Swiss National Bank's Direct Investment 2024 report shows Swiss companies repatriated CHF 11 billion, while non-resident investors reduced investment in Switzerland by CHF 83 billion. Foreign-controlled finance and holding companies withdrew CHF 52 billion from non-resident subsidiaries, while Swiss firms increased investment in Asia, Central and South America, and the US. The report revises figures for 2015–2023 and introduces new subtotals distinguishing foreign-controlled enterprises.