That is the topic of my latest Bloomberg column, here is the closing bit:
Perhaps it’s not always an appetizing thought, but in many contexts wealth aids liberty, and the freedom to keep one’s wealth can limit political degeneration.
There are many possible outcomes here, and it is also possible that offshore finance can make tyranny worse. But it seems to me opinion has turned against these institutions, without much serious consideration of the political economy issues. By the way:
The top five countries on this list, [offshore wealth] measured as a percentage of GDP, are United Arab Emirates, Venezuela, Saudi Arabia, Russia and Argentina, based on estimates from 2007.
Worth a ponder.