Not even major global scandals such as the Panama and Paradise papers have been able to slow the rise of the bigger and better tax havens, as global industry growth has billion-dollar asset owners looking for the ultimate haven to stow away gains.
Switzerland, a global leader in asset management cornering 28 percent of the market share, is holding an estimated $6.5 trillion, more than half of which comes from abroad.
The attraction is a low tax base coupled with a top-notch banking system.
Switzerland is the 'grandfather' of global tax havens, and the world leader in cross-border asset management.
As FSI notes: "…the Swiss will exchange information with rich countries if they have to, but will continue offering citizens of poorer countries the opportunity to evade their taxpaying responsibilities."