16/04/28 19:49:23.94 Whe+mDCx0.net
PANAMA PAPERS: MOSSACK FONSECA WAS A TAX SHELTER NOBODY
URLﾘﾝｸ(www.newsweek.com)
While it has been well-known for years which countries and territories house upward of $20 trillion in financial assets for the world’s creme de la creme in tax shelters
(psst, Switzerland, Hong Kong and the U.S. are at the very top of the list, in that order),
there is scant information about the players that make up the inner circle catering to the planet’s wealthiest.
TJN estimated that nearly 75 percent of all offshore private wealth is either directly or indirectly concentrated in the hands of the world’s top 50 private banks,
particularly around 20 banks that each have private cross-border assets under management of $100 billion each, based on reports from the banks themselves and interviews with industry analysts and private bankers.
From 2005 to 2010, these banks included, according to the report, UBS, Credit Suisse, Citigroup, Morgan Stanley, Deutsche Bank, Bank of America, Merrill Lynch,
JPMorgan Chase, BNP Paribas, HSBC, Goldman Sachs, ABN Amro, Societe General and Barclays.
Their total private assets under management came to $12.2 trillion, Henry says, and have likely gone up since then.