The very existence of the global offshore industry, and the tax-free status of the enormous sums invested by their wealthy clients, is predicated on secrecy: that is what this industry really supplies as it competes for, conceals, and manages private capital from all over the planet, from any and all sources, no questions asked.

The definition of victory for this paper is to review and improve upon existing estimates of the size, growth and distribution of untaxed private wealth protected and serviced by the global offshore industry.

Another key theme that emerges from this paper is that there is an urgent need for tax justice advocates and their allies in governments and in the public, especially in source countries where the wealth is coming from, to press the relevant authorities for this information.