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28 most secretive economies in the world
An estimated $21 to $32 trillion of private financial wealth is located, untaxed or lightly taxed, in secrecy jurisdictions around the world, according to the Justice Network.
Illicit cross-border financial flows add up to an estimated $1-1.6 trillion each year. Since the 1970s African countries alone are estimated to have lost over $1 trillion in capital flight, dwarfing their current external debts of 'just' $190 billion and making Africa a major net creditor to the world. But those assets are in the hands of a few wealthy people, protected by offshore secrecy, while the debts are shouldered by broad African populations, it says.
Let’s take a look at some of the most secretive economies in the world.
Note: Financial Secrecy Index is calculated by multiplying the cube of the Secrecy Score with the cube root of the Global Scale Weight. The final result is divided through by one hundred for presentational clarity.
Note 2: Global Scale Weight represent a jurisdiction's share in global financial services exports.
Source: Financial Secrecy Index
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28 most secretive economies in the world
Switzerland
Financial Secrecy Index-value: 1.765,3
Secrecy Score: 78
Global scale weight: 4,916
Overall rank: 1
Switzerland, which has a per capita income of $45,999, has the most financially secretive economy in the world.
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28 most secretive economies in the world
Luxembourg
Financial Secrecy Index-value: 1.454,5
Secrecy Score: 67
Global scale weight: 12,049
Overall rank: 2
Luxembourg, which has a per capita income of $79,785, has the second most financially secretive economy in the world.
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28 most secretive economies in the world
Hong Kong
Financial Secrecy Index-value: 1.283,4
Secrecy Score: 72
Global scale weight: 4,206
Overall rank: 3
Hong Kong, which has a per capita income of $52,687, has the third most financially secretive economy in the world.
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28 most secretive economies in the world
Cayman Islands
Financial Secrecy Index-value: 1.233,6
Secrecy Score: 70
Global scale weight: 4,694
Overall rank: 4
Cayman Islands, which has a per capita income of $43,800, has the fourth most financially secretive economy in the world.
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28 most secretive economies in the world
Singapore
Financial Secrecy Index-value: 1.216,9
Secrecy Score: 70
Global scale weight: 4,280
Overall rank: 5
Singapore, which has a per capita income of $61,046, has the fifth most financially secretive economy in the world.
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28 most secretive economies in the world
United States
Financial Secrecy Index-value: 1.213,0
Secrecy Score: 58
Global scale weight: 22,586
Overall rank: 6
United States, which has a per capita income of $52,839, has the sixth most financially secretive economy in the world.
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28 most secretive economies in the world
Lebanon
Financial Secrecy Index-value: 747,9
Secrecy Score: 79
Global scale weight: 0,354
Overall rank: 7
Lebanon, which has a per capita income of $15,522, has the seventh most financially secretive economy in the world.
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28 most secretive economies in the world
Germany
Financial Secrecy Index-value: 738,3
Secrecy Score: 59
Global scale weight: 4,326
Overall rank: 8
Germany, which has a per capita income of $39,468, has the eighth most financially secretive economy in the world.
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28 most secretive economies in the world
Jersey
Financial Secrecy Index-value: 591,7
Secrecy Score: 75
Global scale weight: 0,263
Overall rank: 9
Jersey, which has a per capita income of $57,000, has the ninth most financially secretive economy in the world.
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28 most secretive economies in the world
Japan
Financial Secrecy Index-value: 513,1
Secrecy Score: 61
Global scale weight: 1,185
Overall rank: 10
Japan, which has a per capita income of $37,135, has the 10th most financially secretive economy in the world.
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28 most secretive economies in the world
Panama
Financial Secrecy Index-value: 489,6
Secrecy Score: 73
Global scale weight: 0,190
Overall rank: 11
Panama, which has a per capita income of $15,616, has the 11th most financially secretive economy in the world.
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28 most secretive economies in the world
Malaysia
Financial Secrecy Index-value: 471,7
Secrecy Score: 80
Global scale weight: 0,082
Overall rank: 12
Malaysia, which has a per capita income of $17,675, has the 12th most financially secretive economy in the world.
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28 most secretive economies in the world
Bahrain
Financial Secrecy Index-value: 461,2
Secrecy Score: 72
Global scale weight: 0,182
Overall rank: 13
Bahrain, which has a per capita income of $27,556, has the 13th most financially secretive economy in the world.
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28 most secretive economies in the world
Bermuda
Financial Secrecy Index-value: 432,4
Secrecy Score: 80
Global scale weight: 0,061
Overall rank: 14
Bermuda, which has a per capita income of $84,381, has the 14th most financially secretive economy in the world.
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28 most secretive economies in the world
Guernsey
Financial Secrecy Index-value: 419,4
Secrecy Score: 67
Global scale weight: 0,257
Overall rank: 15
Guernsey, which has a per capita income of $54,627, has the 15th most financially secretive economy in the world.
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28 most secretive economies in the world
Dubai, United Arab Emirates
Financial Secrecy Index-value: 419,0
Secrecy Score: 79
Global scale weight: 0,061
Overall rank: 16
Dubai, which is the financial and tourism hub of the United Arab Emirates, has the 16th most financially secretive economy in the world.
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28 most secretive economies in the world
Canada
Financial Secrecy Index-value: 418,5
Secrecy Score: 54
Global scale weight: 2,008
Overall rank: 17
Canada, which has a per capita income of $43,146, has the 17th most financially secretive economy in the world.
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28 most secretive economies in the world
Austria
Financial Secrecy Index-value: 400,8
Secrecy Score: 64
Global scale weight: 0,371
Overall rank: 18
Austria, which has a per capita income of $42,408, has the 18th most financially secretive economy in the world.
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28 most secretive economies in the world
Mauritius
Financial Secrecy Index-value: 397,9
Secrecy Score: 80
Global scale weight: 0,047
Overall rank: 19
Mauritius, which has a per capita income of $15,591, has the 19th most financially secretive economy in the world.
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28 most secretive economies in the world
British Virgin Islands
Financial Secrecy Index-value: 385,4
Secrecy Score: 66
Global scale weight: 0,241
Overall rank: 20
British Virgin Islands, which has a per capita income of $43,366, has the 20th most financially secretive economy in the world.
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28 most secretive economies in the world
United Kingdom
Financial Secrecy Index-value: 361,3
Secrecy Score: 40
Global scale weight: 18,530
Overall rank: 21
United Kingdom, which has a per capita income of $37,299, has the 21st most financially secretive economy in the world.
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28 most secretive economies in the world
Macau
Financial Secrecy Index-value: 360,5
Secrecy Score: 71
Global scale weight: 0,108
Overall rank: 22
Macau, which has a per capita income of $82,400, has the 22nd most financially secretive economy in the world.
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28 most secretive economies in the world
Marshall Islands
Financial Secrecy Index-value: 329,6
Secrecy Score: 82
Global scale weight: 0,022
Overall rank: 23
Marshall Islands, which has a per capita income of $2,900, has the 23rd most financially secretive economy in the world.
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28 most secretive economies in the world
South Korea
Financial Secrecy Index-value: 328,8
Secrecy Score: 54
Global scale weight: 0,978
Overall rank: 24
South Korea, which has a per capita income of $33,156, has the 24th most financially secretive economy in the world.
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28 most secretive economies in the world
Russia
Financial Secrecy Index-value: 325,3
Secrecy Score: 60
Global scale weight: 0,318
Overall rank: 25
Russia, which has a per capita income of $18,083, has the 25th most financially secretive economy in the world.
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28 most secretive economies in the world
Barbados
Financial Secrecy Index-value: 317,5
Secrecy Score: 81
Global scale weight: 0,021
Overall rank: 26
Barbados, which has a per capita income of $25,372, has the 26th most financially secretive economy in the world.
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28 most secretive economies in the world
Liberia
Financial Secrecy Index-value: 300,9
Secrecy Score: 83
Global scale weight: 0,014
Overall rank: 27
Liberia, which has a per capita income of $672, has the 27th most financially secretive economy in the world.
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28 most secretive economies in the world
Seychelles
Financial Secrecy Index-value: 293,5
Secrecy Score: 85
Global scale weight: 0,011
Overall rank: 28
Seychelles, which has a per capita income of $25,229, has the 28th most financially secretive economy in the world.