LONDON, July 22: Wealthy individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The BBC says the figure is greater than the size of the US and Japanese economies combined.

The study estimating the extent of global private financial wealth held in offshore accounts (excluding non-financial assets such as real estate, gold, yachts and racehorses) puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co. He used data from the World Bank, International Monetary Fund, UN and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by elites, putting wealth beyond the reach of local tax authorities.—Reuters