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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.