25 Fortune 500 Corporations With the Most Offshore Tax-Haven Subsidiaries

Company

Number of subsidiaries

Number of subsidiaries in tax havens

Number of subsidiaries in 1997

Number of subsidiaries in tax havens in 1997

Number of new tax havens since 1997

Percent increase of tax havens since 1997

Notes

El Paso (2002)

1231

244

428

52

192

369.23

N/A before 1999

AES (2002)

909

195

15

2

193

9650.00

Morgan Stanley (2003)

625

99

138

2

97

4850.00

was Dean Witter

Citigroup (2003)

1736

92

349

19

73

384.21

was Traveler's Group

Aon (2002)

1497

87

892

43

44

102.33

Marsh & McLennan (2002)

998

67

417

24

43

179.17

Mirant (2002)

330

65

N/A

N/A

N/A

N/A

Southern was the parent company

Halliburton (2002)

618

58

77

8

50

625.00

Bank of America Corp. (2003)

780

52

544

N/A

N/A

N/A

Marriott International (2003)

522

41

313

16

25

156.25

N/A before 1998

BellSouth (2003)

330

39

563

N/A

N/A

N/A

Boeing (2003)

284

31

87

10

21

210.00

Williams (2002)

349

31

176

13

18

138.46

Pfizer (2002)

404

30

187

21

233.33

PepsiCo (2003)

550

29

194

14

15

107.14

170 other sub owned by KFC, Pizza Hut

Viacom (2002)

960

27

576

27

0

0.00

Interpublic Group (2002)

1405

27

431

5

22

440.00

J.P. Morgan Chase (2003)

284

27

132

11

16

145.45

was Chase Manhattan

Fluor (2002)

427

27

N/A

N/A

N/A

N/A

Sara Lee (2002)

525

26

453

14

12

85.71

American Express (2002)

297

25

254

26

-1

-3.85

Lehman Brothers Holdings (2003)

112

23

196

1

22

2200.00

Xerox (2002)

301

23

91

6

17

283.33

Prudential Financial (2003)

382

21

N/A

N/A

N/A

N/A

Note: Enron is no longer a member of the Fortune 500. Below are their numbers from 2001. These numbers do not include many Special Purpose Entities (SPE's) Enron did not report to the SEC.

Enron (2001)

2832

872

670

218

654

300.00