The rich use offshore tax havens when they live near Switzerland, are from a country stocked with natural resources, or from one wracked with political and economic instability, according to a new study from researchers looking at income inequality.
The United Arab Emirates heads the list of offshore wealth havens as a proportion of GDP, followed by Venezuela, Saudi Arabia, Russia, Argentina, Greece, Taiwan, Portugal, Turkey, and then many Western European countries.
Offshore wealth / GDP all over the world.
From our just released new NBER working paper, “Who owns the wealth in tax havens”? pic.twitter.com/exNqbWBWc9
— Gabriel Zucman (@gabriel_zucman) September 11, 2017
The researchers—Annette Alstadsaeter of the Norwegian University of Life Sciences, Niels Johannesen of the University of Copenhagen and Gabriel Zucman of the University of California, Berkeley—relied on new data from the Bank for International Settlements on the amount of bilateral bank deposits held