06/05/2013 10:24 am ET Updated Jun 06, 2013

Here's Where The Super-Rich Are Stashing Their Money (PHOTOS)


Mere political controversy seemingly isn't enough to stop the world's super-rich from stashing wealth overseas.

Global offshore wealth, defined as assets housed in a country where the owner has no legal or tax residence, grew by 6.1 percent to $8.5 trillion last year, according to the Boston Consulting Group. And what was the top destination of that wealth? Switzerland, which houses about one-quarter of all offshore assets.

The approximation may even underestimate the true scale of offshore wealth, as a 2012 study from the Tax Justice Network found that the world’s wealthy are stashing up to $32 trillion offshore, or roughly four times the BCG's estimate.

The issue of offshore wealth has come into sharp focus recently as critics have accused notable figures, including former Republican Presidential Candidate Mitt Romney, of housing their money in countries with lower tax rates so they don't have to pay higher tax rates at home. A recent project from the International Consortium of Investigative Journalists highlighted the broad scope of the issue, noting that those with wealth overseas range from American doctors to middle-class Greeks.

Here are the top countries where people are stashing their wealth, according to BCG:

Where The World's Offshore Wealth Lives