According to a new study, the global super-rich elite’ had as much as $21 trillion hidden in offshore secret tax heavens around the world.

The report, ‘The Price of Offshore Revisited’ has been written by a former chief economist at the consultancy McKinsey, James Henry for the Tax Justice Network. The report estimates that the global private financial wealth in offshore accounts to about US $ 32 trillion. The figure excludes non-financial assets like real estate, gold, yachts and racehorses.

MR. Henry used the data released by World Bank, International Monetary Fund, United Nations and central banks of various countries. The repot si believed to the most detailed estimation of the black money stocked abroad.

The report says that it was found in 1980’s that the funds were flowing out of the developing world. It was found that for many developing countries, the total black money that flowed out since 1970 could be enough to pay off their entire debt to the international partners.

Mr. Henry said it, “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy“.