Offshore financial wealth refers to assets held abroad, often in jurisdictions with favourable tax policies, low regulation, and high confidentiality. Countries with significant offshore wealth typically have individuals or corporations seeking financial optimization or privacy. People and companies move money abroad to access better investment opportunities, minimize tax burdens, and protect wealth in low-tax jurisdictions.
Mainland Chinese businesses and individuals hold more than $2 trillion overseas, a figure comparable to Mexico’s GDP. Hong Kong serves as a major hub for these offshore operations. Read also: Top 10 countries with the highest wealth inequality For U.
S. entities, popular destinations include the Cayman Islands, Switzerland, and Singapore, with Americans holding nearly $1.6 trillion in offshore accounts.
According to Atlas of the Offshore World, here are the top 10 countries with the largest offshore financial wealth in 2022 China has an estimated $2.1 trillion in offshore financial wealth. Over the past few decades, China has emerged as a global economic powerhouse, with rapid wealth accumulation among its elite and burgeoning corporations.
Much of this offshore wealth is believed to be motivated by a desire for asset protection, tax avoidance, and access to global markets. Strict capital controls in China also incentivise high-net-worth individuals to store wealth abroad. Jurisdictions like Hong Kong, Singapore, and the Cayman Islands are popular offsho.