32
billion is just as capable of vaporizing as all the world's
derivatives.
Exhaustive
Study Finds Global Elite Hiding Up to $32 Trillion in Offshore
Accounts
31
July, 2012
A
new report reveals how wealthy individuals and their families have
between $21 and $32 trillion of hidden financial assets around the
world in what are known as offshore accounts or tax havens. The
actual sums could be higher because the study only deals with
financial wealth deposited in bank and investment accounts, and not
other assets such as property and yachts. The inquiry was
commissioned by the Tax Justice Network and is being touted as the
most comprehensive report ever on the "offshore economy."
It also finds that private banks are deeply involved in running
offshore havens, with UBS, Credit Suisse and Goldman Sachs handling
the most assets. We’re joined by the report’s author, James
Henry, a lawyer and former chief economist at McKinsey & Company.
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