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> How much art Hard to tell. Rich people store art in freeports (along with gold bars, like in the Geneva Freeport) to secure their assets while avoiding payi
by Neracked 9y ago
> How much art
Hard to tell.
Rich people store art in freeports (along with gold bars, like in the Geneva Freeport) to secure their assets while avoiding paying taxes. And from times to times, they lend some of their art pieces to museums in countries where they want to further reduce their taxes.
According to an article in The Economist[1] in 2013: "Because of the confidentiality, the value of goods stashed in freeports is unknowable. It is thought to be in the hundreds of billions of dollars, and rising."
[1] https://www.economist.com/news/briefing/21590353-ever-more-wealth-being-parked-fancy-storage-facilities-some-customers-they-are https://www.economist.com/news/briefing/21590353-ever-more-w...