According to the three senior economists from the Bank of Italy, India’s share of the astronomical $7 trillion in black money that lies hidden in tax havens across the world can well be $181 billion. The Bank of Italy has fixed Indian's undeclared assets parked overseas in tax havens to be between $4 billion (nearly Rs 27,000 crore) and $181 billion (nearly Rs 12.05 lakh crore) according to two different calculating methods used by the senior economists.
Three economists – Valeria Pellegrini, Alessandra Sanelli, and Enrico Tosti have based their calculation on data from the International Monetary Fund and the Bank of International Settlements (BIS) from 2013. The Italian researchers explained that the big discrepancy between methods of calculating India’s hidden wealth in tax havens is because Indians seem to have a lower propensity for investing in foreign financial assets, which is why their share in global offshore financial assets as calculated from IMF data in a paltry 0.07%.
Researchers however say that this that this is only a ballpark figure, should not be taken as "firm data" and should be "considered with great care". This amount is only the wealth invested in shares and debt securities, or held in bank deposits. The researchers also admit that it is veritably impossible to get a handle on other wealth invested in physical assets such as real estate, gold and art.