A new study estimates that at least $21 trillion and up to $32 trillion of unreported private financial wealth has been hidden by wealthy individuals in secret tax havens at the end of 2010, a sum equivalent to the size of the U.S. and Japanese economies combined. 

There may be as much as $32 trillion of hidden financial assets held offshore by high-net-worth individuals, according to the new report, The Price of Offshore Revisited, from an advocacy group known as the Tax Justice Network. The estimates are based on financial assets and exclude non-financial assets such as real estate and yachts held by offshore structures.

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