Interesting article in the Christian Science Monitor:  Secretly, Tiny Nations Hold Much Wealth:

Although they have only 1% of the world’s inhabitants, they hold a quarter of United States stocks and nearly a third of all the globe’s assets. They’re tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money. Usually, the process is so secret that it draws little attention. But the sums – and lost tax revenues – are growing so large that the havens are getting new and unaccustomed scrutiny.

For example: When London’s Tax Justice Network reported a month ago that rich individuals worldwide had stashed $11.5 trillion of their assets in tax havens, it caused a fuss in Europe….Although that report received little notice outside Europe, there are rumblings of concern in the United States. That’s not surprising. Nations lose an estimated $255 billion in tax revenues a year because of the havens, according to TJN. The US alone probably loses $60 billion a year, a tax expert estimates.

For a copy of the Tax Justice Network report, see here.