" HSBC's executives saw an emerging class of global rich as the bank's path to prosperity. The superwealthy were increasingly stateless. They banked in Geneva. Lived in London and New York. Shopped in Paris and Milan. And they held their assets through offshore companies registered in places like the British Virgin Islands. HSBC executives were reading the telltale signs of a new age of inequality, even if they didn't recognize it as such. Governments were retreating from providing their citizens pension and health organizations, and HSBC strategy report observed. The stateless rich balked at paying taxes in their home countries, to which they felt little allegiance. It made sense to them to base their operations inside tax havens and to bank in Switzerland, where discretion was woven into the country's DNA. These trends represented an opportunity for the wealth management industry. "

― , Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite