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Super rich hold $32 trillion in offshore havens

  • Rich individuals and their families hold as much as $32 trillion worth of hidden financial assets in offshore tax havens, making up to $280 billion in lost income tax revenues, according to a study published on Sunday.

    The research estimates the extent of global private financial wealth held in offshore accounts, excluding non-financial assets such as real estate, gold, yachts and racehorses, and places the sum at between $21 and $32 trillion.

    The research was carried out for Tax Justice Network, a pressure group that campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

    Henry used data from the World Bank, International Monetary Fund, United Nations and central banks.