Beyond paradise: where does offshore money come from?

New data has revealed that more than half the wealth of Russias ultrarich is held offshore

The equivalent of approximately 10 percent of the world’s GDP is stashed in tax havens across the globe, comprising bank deposits or financial assets like stocks, bonds and equities. Some of this wealth is declared to the authorities, but the majority escapes taxation altogether, hiding behind shell corporations and the like.

In November, the release of the Paradise Papers revealed a scattering of new information about the dynamics of this famously secretive industry. The leak, which held 13.4 million confidential documents originating from offshore law firm Appleby, was second only to the Panama Papers as the biggest ever data leak. The papers exposed a lengthy list of ultra-wealthy individuals who have turned to the offshore wealth

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