Call to end era of tax havens

A group of leading economists has called for an end to tax havens, saying they “serve no useful economic purpose.” Hidden wealth stashed in tax havens is estimated at between $7.2-$21 trillion*

United States: $800bn hidden in Delaware, Nevada, South Dakota and Wyoming

Atlantic Ocean

Bermuda

Turks & Caicos Is

Bahamas

Cayman Is

Belize

Costa Rica

Panama

Panama: Home of law firm Mossack Fonseca – one of biggest providers of global tax haven services

Caribbean Sea

Aruba

Netherlands

Antilles

British Virgin Is

Anguilla

Antigua

Dominica

St Lucia

St Kitts & Nevis

St Vincent

Grenada

Barbados

Switzerland: Holds $6.5 trillion in assets under management, about a quarter of
all hidden wealth

Isle of Man

Guernsey, Jersey

Switzerland

Monaco

Germany

Luxembourg

Liechtenstein

San Marino

Hong Kong: One of world’s fastest growing tax havens, with $2.1 trillion under fund management in April 2015

Pacific Ocean

Hong Kong

Philippines

Marshall Islands

Singapore

Nauru

Samoa

Cook Islands

Vanuatu

*Economist Gabriel Zucman estimates global hidden wealth at $7.6 trillion, while
Tax Justice Network’s James Henry puts it at more than $21 trillion. 1 trillion = 1,000,000,000,000

Sources: Tax Justice Network, The Hidden

Wealth of Nations by Gabriel Zucman,

Financial Secrecy Index, Boston Consulting Group

Picture: Associated Press