7 Places Where the Wealthy Hide Their Money

7 Places Where the Wealthy Hide Their Money


Population: 7,996,026    GDP: $362.4 billion


Tax incentives: Perhaps you've heard of Swiss bank accounts? The country's strict privacy laws attract wealthy people from all over the world, although the 2010 Foreign Account Tax Compliance Act, which forces foreign banks to disclose the identities of their customers, made many Swiss banks wary of U.S. businesses, according to Slate.


Foreign cash: When the recession hit, so much foreign currency was flowing into the country that the Swiss franc ballooned to historic proportions, causing panic in the Swiss government, according to the The New York Times


Famous "resident": Mitt Romney. The former presidential candidate said his Swiss bank account was a financial move meant to hedge against the declining dollar, but that didn't stop the Obama campaign from painting him as a tax evader.


This story by Keith Wagstaff originally appeared at TheWeek.com. More from TheWeek.com:

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REUTERS/Arnd Wiegmann