http://krugman.blogs...®ion=Body&_r=0

He has a link is to a 44 page pdf - http://gabriel-zucma...Zucman2013QJE.pdf

I find that around 8% of the global financial wealth of households is held in tax havens, three-quarters of which goes unrecorded. On the basis of plausible assumptions, accounting for unrecorded assets turns the eurozone, officially the world’s second largest net debtor, into a net creditor. It also reduces the U.S. net debt significantly. The results shed new light on global imbalances and challenge the widespread view that after a decade of poor-to-rich capital flows, external assets are now in poor countries and debts in rich countries. I provide concrete proposals to improve international statistics.

In 2008, that 6% unrecorded amount totaled around $4.5T. It's real money...

Cheers,
Scott.