US tops global financial secrecy ranking

Main Points

• The United States ranked first in the Financial Secrecy Index 2025.
• Switzerland, Singapore, Hong Kong and Luxembourg completed the top five jurisdictions.
• The index measures each country's contribution to global financial secrecy.

The United States remains the world's largest contributor to global financial secrecy, according to the Financial Secrecy Index 2025 published by the Tax Justice Network, highlighting ongoing concerns about hidden wealth, offshore finance, and transparency in the international financial system.

The index ranks jurisdictions based on their contribution to global financial secrecy, combining secrecy levels with the scale of financial services provided to non-residents. The latest report places the United States at the top with a Financial Secrecy Index (FSI) value of 2,018, well ahead of Switzerland and Singapore.

The Tax Justice Network found that the United States accounts for 25.54% of the global market for offshore financial services, giving it the largest influence on worldwide financial secrecy.

Analysts say the country's vast financial sector, combined with varying transparency requirements across states, continues to attract international wealth and corporate structures.

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Switzerland, long associated with private banking secrecy, ranked second with an FSI value of 1,398, followed by Singapore (1,228) and Hong Kong (1,111).

Several of the world's biggest financial hubs featured prominently in the top 10, including Luxembourg, Germany, the Netherlands and Japan.

According to the Tax Justice Network, the rankings do not necessarily indicate illegal activity. Instead, they measure how laws, regulations and financial practices can enable assets and ownership structures to remain hidden from foreign authorities.

The organisation argues that greater transparency is essential for combating tax evasion, money laundering and illicit financial flows.

Financial secrecy has become an increasingly important issue for governments seeking to recover lost tax revenues and strengthen oversight of cross-border financial transactions.

International bodies such as the OECD, the International Monetary Fund, and the Financial Action Task Force (FATF) have pushed for greater information sharing and beneficial ownership disclosure in recent years.

Despite those efforts, the Tax Justice Network says major economies and financial centres still play a significant role in facilitating opaque financial arrangements.

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