A liberal advocacy organization opposed to tax avoidance has released a report estimating the world’s wealthiest individuals have stashed at least $21 trillion in offshore tax havens: an amount greater than the combined GDP of the United States and Japan.

The London-based Tax Justice Network calls its current estimate “conservative,” and says the true figure could potentially be as high as $32 trillion, more than twice the U.S. GDP of $15 trillion. The report updates a 2005 study that then put the offshore total at $11.5 trillion.

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