The rich are getting more secretive with their money

You might think the Panama Papers leakwould causethe ultrarichto seek more transparent tax havens.Not so, according toJordan Greenaway,a London-based consultantwho caters to the ultrawealthy.Instead, they are going further underground, seeking walled-up havens such as the Marshall Islands, Lebanon and Antigua, Greenaway, who works for PR agency Right Angles, told Business Insider.ThePanama Papers leak aroundMossack Fonseca, a law firm that helped politicians and business peoplehide their money,has increased anxiety among the rich over being exposed, Greenaway told New York reporters in a meeting last week."The Panama Papers sent them to the ground," he said then.As of 2012, the world's richest people heldas much as$32 trillion in offshore tax havens, according to research by the Tax Justice Network.Meanwhile, there's a general concern among professionals that more enforcement is to come.Deloitte, a consultant, found in a survey that most professionalsexpect increasedglobal enforcement of financial crime post-Panama Papers.Part of the shift to more secretive havens is a result of other tax havensbecoming more transparent, which the rich aren't happy about, Greenawaysaid.For instance, Guernsey, an island tax haven off the coast of France, said earlier this year that it supports moves to improve transparency following the Panama Papers fall-out. Other tax havens haven't caught on, meaning they are attracting those that would rather stay secretive, Greenaway said.Other factors are also at play. Financial advisors to the rich have an inherent interest in putting their clients' money in legally complicated structures, he said. Emotions also play a role."That anxietyis even more intense with inherited wealth," hetold Business Insider."The whole concept of having to provide details on their financesis alien to them.""It will take more scandals to shift their behavior," he added.Still, recent leaks have caused the rich to take more cautious steps. Emails, for instance, are becoming less common, said Greenaway's colleague Paul Blanchard, who runs Right Angles. They'retalking deals over the phone rather than in writing, he added."There's a Luddite move," Blanchardsaid.SEE ALSO:'Hedge fund' doesn't mean anything anymoreSEE ALSO:Hedge funds have started bashing themselves ' here's what they're sayingJoin the conversation about this storyNOW WATCH: Warren Buffett's sister needs your help giving away millions
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