World’s Wealthiest Has $20 Trillion Stash

A report by Tax Justice Network revealed that the wealthiest individuals in the world have about US$21 trillion worth of assets stashed in offshore tax havens.

The data were gathered from different sources like the International Monetary Fund and the Bank of International Settlements.

According to the report, US$21 trillion is equivalent to the combined gross domestic product of Japan and United States.

James Henry said the amount is conservative and it may be as high as US$32 trillion. Henry is the report’s author and was a former chief economist of McKinsey. He added that this hidden wealth is stashed in places like Switzerland and the Cayman Islands.

Henry also said that these undisclosed wealth is protected by professionals who are expert in legal, private banking, accounting, among others.

John Whiting, however, expressed his doubts over the figure. He added what is being done with the matter. Whiting is a tax expert and adviser to the British government.