At least $21trn of unreported private wealth was being hidden in secret tax havens at the end of 2010 by the world's super rich, a major study has revealed.
A report from the Tax Justice Network, by former McKinsey & Co chief economist James Henry, said the sum was equivalent to the size of the US and Japanese economies combined. The Price of Offshore Revisited also said there could be as much as $32trn of hidden financial assets help offshore by high net worth individuals. The three private banks handling the most assets offshore on behalf of the global super rich are UBS, Credit Suisse and Goldman Sachs. The report said its estimates were 'conservative' as it is only based on financial wealth. It excludes real estate, yachts and ot...
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