Chinese Elite Hide Money Offshore

More than a dozen of China’s wealthiest individuals have been named in a report detailing tax-haven clients. Even relatives of the country’s leader, Xi Jinping, are listed as hiding funds in offshore accounts, which is especially embarrassing since Xi has focused on cracking down on officials’ displays of wealth and corruption. Relatives of former Premier Wen Jibao reportedly have $2.7 billion hidden offshore. Unsurprisingly, the government is not (outwardly) taking the report seriously. A foreign ministry spokesman dismissed the report as “hardly convincing.”