Global Wealthy Question Tax Havens After Cyprus
March 18, 2013 at 16:30 PM EDT
While Cyprus is a unique case, the bail-out terms have sent a shudder through the world of wealth management and the multi-trillion dollar world of offshoring. According to the Tax Justice Network, at least $21 trillion in private financial wealth was owned by wealthy individuals through tax havens in 2010. That's equal to the size of the economies of the United States and Japan combined.