August 06, 2014 12:37
Some 389 people have reported to the National Tax Service that they own over W1 billion in financial assets abroad (US$1=W1,030).
They reported a combined W2.7 trillion in 1,574 overseas bank accounts, or an average of W7 billion per person.
In addition, 385 businesses also reported W21.6 trillion worth of financial assets in 6,331 bank accounts abroad, averaging W56 billion per business.
The lion's share is held in the U.S. with W4.4 trillion or 18 percent. Next is Japan with W4 trillion, Hong Kong with W2.6 trillion, and China with W2.2 trillion.
About W3 trillion are in 17 places classified as tax havens by the OECD such as the British Virgin Islands.
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