Hungarian money hidden in tax havens: experts seem sceptical

Global super-rich elite had at least $21 trillion hidden in secret tax havens by the end of 2010, major study of Tax Justice Network has shown few weeks ago. The study based on 139 country’s data and been written by economist James Henry estimates a very $242 billion offshore-wealth of Hungary which gained the 2nd place in Europe right after Russia and the 13th on a world rank. 21 trillion total is a conservative estimate, real figures could rise upon 32 trillion, James Henry said but some experts atlatszo.hu asked are sceptical about the numbers. There was no such a high amount of wealth in private hands that could have been hidden in the last 15-20 years, an interviewee says. These studies usually blur the line between legal and illegal business affairs, other offshore expert claimed. László Váradi, managing director of Lateco Ltd doubts the methodology of the study. Váradi, whose firm deals with offshore company founding, says the exact numbers cannot be defined due to missing international information exchange. In his opinion Hungarian figures may be a bit lower, while Russian and Ukrainians might rise with more accurate calculation.