Many individuals and companies send their money to other countries for different reasons. Some of these reasons include looking for better ways to invest their money, reducing how much tax they have to pay, and keeping their wealth safe in places where taxes are low or even nonexistent.
Where Is All That Offshore Money?
A fascinating graphic from Visual Capitalist shows the top ten countries where the most offshore money was kept in 2022. According to data from the Atlas of the Offshore World, these countries are like safe havens for the wealthy.
Chinese Wealth Abroad
One of the most surprising facts is that individuals and businesses from China hold over $2 trillion outside of their country. To put this into perspective, that amount is almost equal to the entire GDP of Mexico! Many Chinese corporations and people prefer to send their money to Hong Kong, which is a popular place for offshore activities.
American Wealth in Tax Havens
On the other side of t...
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