Kuwait City : Kuwait scored fourth in the Gulf, fifth in the Arab world, and 35th overall in the seventh edition of the Tax Justice Network's 2022 Financial Secrecy Index, with 75 points out of a possible 100. The UAE rated first in the area and ninth globally, with Qatar in 20th place, Saudi Arabia in 25th, and Algeria in 34th. The Financial Secrecy Index (FSI) assesses countries based on how well their financial and legal institutions aid people and companies in concealing asset ownership and how secure their cash flows are.A score of 100 denotes perfect confidentiality, while a score of zero shows complete openness. The quantity of financial secrecy provided to the globe is calculated by combining the degree of secrecy with the amount of financial services provided to non-residents. The Financial Secrecy Index ranked America 1 globally, followed by Switzerland, Singapore, Hong Kong, and Luxembourg. According to the network, an estimated $10 trillion in wealth is stored outside the country, which is more than twice the value of all dollar and euro bonds now in circulation
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