The size of the global economy’s offshore banking system has begun to be exposed with the leak of 11.5 million documents in the Panama Papers scandal. While the release of these documents lead to the exposure of numerous prominent officials and figures, the Panama based company which the documents were derived from, Mossack Fonseca, is only the fourth largest company in the world to offer these sorts of services.
Mossack Fonseca has a yearly revenue from providing these services of only about $42 million and from the documents which were leaked it has been determined that it has set up at least 214,000 of these accounts for clients.
Around the globe the totals of currency which have left nations for accounts created by Mossack Fonseca and others have slowly begun to be revealed. For Example, China sees more than $1 trillion a year leave for offshore accounts and developing nations as a whole see almost $1 trillion a year leave them.
The Tax Justice Network has estimated that as of 2010 anywhere from $21 to $32 trillion has been kept in offshore accounts. For perspective, that represents 8% to 13% of the entire global wealth.