Client assets under management in Liechtenstein rose by 17 per cent in 2009 to SFr261.6 billion (around $225.2 billion) compared to the previous year, according to recent official data from the tiny principality’s regulator.

Banks recorded a 10 per cent rise in assets under administration by SFr172.5 billion, the Liechtenstein Financial Market Authority said.

“This increase is primarily related to the positive market development. As in 2008, the outflow of assets was higher than the actual inflow of new assets, mainly as a result of the taxation debate. The net drain of assets amounted to SFr7 billion in 2009,” the authority said in a statement.

Liechtenstein has already moved to open up its affairs and resist a harsh crackdown on so-called tax havens. The jurisdiction has already drawn up a disclosure facility with the UK which has been seen as working relatively well compared with some other arrangements. (To view a recent related article, click here).

In April, the state was removed from the OECD’s list of unco-operative tax havens.