The exact value of wealth held offshore in tax havens is hard to come by, but it is estimated to encompass $21-32 trillion in private financial assets.
For perspective on the enormity of this problem, consider this: the total global monetary supply is about $70 Trillion dollars. Therefore it could be that nearly half this amount is sequestered in this private funds. -Olivia
Our reporting of previously secret off-shore companies and trusts from the British Virgin Islands to Singapore will continue throughout this year. The exact value of wealth held offshore in tax havens is hard to come by, but it is estimated to encompass $21-32 trillion in private financial assets.
So far, the work by the Center’s International Consortium of Investigative Journalists (ICIJ) has been republished or cited some 6,500 times by news organizations worldwide. Media in France, Spain and other places have given front-page play to stories about ICIJ’s reports, which have become known in shorthand on Twitter and in many news outlets simply as “Offshore Leaks.” The reaction has been positive, in almost all cases.
- A reporter for the Financial Times tweeted that “the leak of 260GB of data on offshore companies – this could be the biggest story of the year.”
- A Belgian news website called this “Probably the most significant journalistic collaboration in history.”
- However, a Wall Street Journal columnist called it an “offshore witch hunt.”
- Read the rest here.