The figure, based on 2010 data, is equivalent to the size of the U.S. and Japanese economies combined, the report claims.
The analysis discovered that the world’s top 50 private banks collectively managed more than $12.1trn in cross-border invested assets for private clients, including their trusts and foundations
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This is up from $5.4trn in 2005, representing an average annual growth rate of more than 16%.
The research, commissioned by the Tax Justice Network (TJN), was carried out by former McKinsey & Co Chief Economist, James Henry.
The TJN estimates are significantly higher than other reports on offshore wealth. Boston consulting Group estimated that in 2011 it totalled $7.8trn, up 2.7% from 2010.
The three private banks that are handling the most assets offshore on behalf of the super-rich are UBS, Credit Suisse, and Goldman Sachs.
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By GlobalDataThe top ten banks alone accounted for more than half of the top fifty’s asset total, the report suggested.
James Henry, TJN senior adviser and main researcher, said: "It turns out that this offshore sector – which specialises in tax dodging – is basically designed, not by shady no name banks in sultry islands, but by the world’s largest banks, law firms and accounting firms."
The data was drawn from the World Bank, the IMF, the United Nations, central banks, the Bank of International Settlements, and national treasuries.
Source: Private Banker International
