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Possibly 14% of global wealth is hidden

Financial data exposed in the leak of documents from a Panama law firm is only a glimpse of the scope of cash that is hoarded and hidden to avoid taxes and facilitate crime and political corruption.

Mossack Fonseca and Co., the firm at the heart of the Panama Papers revelations, was only the world’s fourth largest provider of offshore services handling the affairs of 214,000 shell companies.

Estimates for the total global amount stashed range from nearly $8 trillion to $32 trillion or up to 14% of the privately-held wealth of the world.

The World Bank in 2013 estimated the global world product — a measure of all the goods and services produced in one year — at $75 trillion.

More: Panama Papers only a glimpse into ‘astonishing’ wealth stashed offshore – World – CBC News

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