Super rich hold $32 trillion in offshore havens
July 23 , 2012
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.