Up to $32tn hidden in offshore tax havens

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280bn in lost income tax revenues, new research has found.

The study estimating that the extent of global private financial wealth held in offshore accounts — excluding non-financial assets such as real estate, gold, yachts, and racehorses — puts the sum at somewhere between $21tn and $32tn.

The estimate is almost three times the previous estimate of $11.5tn in 2005.