It’s no secret that most wealthy people in the world try to stash the majority of their money away from their homes and local banks. Off-shore accounts are where those who possess such great wealth store it, and according to a report from the Boston Consulting Group about the wealth numbers of 2013, these are the five places where the rich are most likely to hide their money.
- Switzerland
- The Asian-Pacific Region
- Panama and the Caribbean
- Dublin and the Channel Islands
- The U.K.
Switzerland has been most popular place for wealthy individuals to store their money for years and that remained the same in 2013 with $2.3 trillion being kept in the country.
The Asia-Pacific region, where both Singapore and Hong Kong are located, possessed 16 percent of the world’s total offshore wealth in 2013, totaling in $1.4 trillion. It is expected for that number to increase over the next few years. The Asia-Pacific region is expected to hold 20 percent of the world’s offshore wealth by the end of 2018.
Panama and the Caribbean claim the third slot with $1.2 trillion in offshore wealth, while . the Channel Islands and Dublin, Ireland, are fourth, with $1.1 trillion. The U.K. nabs the fifth spot on the list with $1 trillion.
Switzerland was an expected location for me to make this list, but I’m really surprised by the other four places, specifically Dublin and the U.K. I guess when I think about rich people storing and hiding their money away for safe keeping (like Leonardo DiCaprio as Jordan Belfort in The Wolf of Wall Street, minus all the criminal activity, of course) I picture more secret, exotic locations than England and Ireland. However, I guess you ultimately have to choose to the safest, most secure place for your money, even if that is in a more popular, well-known location.
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