Latin America has more than a trillion dollars in offshore money, these figures were published recently in “Global Wealth 2015: Winning the Game Growth”, the Boston Consulting Group’s latest global wealth report, according to which Switzerland is no longer the main destination for this money, having been displaced by the US and the Panama-Caribbean region, each holding 29% of the offshore money with Latin American origin. Switzerland, which until last year was the main destination of this wealth, currently receives 27% of the money leaving Latin America.
In total, the United States holds almost 300 billion dollars of wealth from residents in Latin America, a figure that is growing compared to previous years. In fact, in 2014 the offshore wealth originating in Latin America has been one of the main sources of growth in the world, generating 100 billion dollars of new money which has left their home countries, mainly looking for stability in their destination offshore centers, due to the political instability in some of the countries in which that money originated.
In correspondence, Latin America is the number one source of all the offshore money which reaches the United States, representing 41% of the total. United States holds more than 700 billion dollars of offshore money, so that 41% brings us back to approximately that round figure of 300 billion dollars.
Miami, New York, Houston, and San Diego are, in this order, the four major US offshore centers which serve the owners of this Latin American wealth.
Other good news is that Boston Consulting Group expects this growth to continue. For the next five years, United States is, after Singapore and Hong Kong, the offshore wealth destination with higher growth prospects globally.
