The Queen's private estate has been found to have millions of pounds invested in offshore tax havens, according to reports.

A vast tranche of leaked financial documents, dubbed the Paradise Papers, have been analysed by media organisations, including the BBC and The Guardian.

It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.

Around GBP10 million (NZ$22m) of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reports.

There is nothing to suggest that any investments are illegal, the broadcaster added.

Around 13.4 million files are said to have been involved in the leak, which comes one year after the disclosure of the Panama Papers sent shockwaves through the world of business.

Two offshore service providers are said to be the source of the material, along with the company registries of 19 tax havens.

Information come from two offshore service providers and the company registries of 19 tax havens and it was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with partners including the Guardian, the BBC and the New York Times.

That showed how millions of pounds from the Queen's private estate had been invested in a Cayman Islands fund and some money went to a retailer accused of exploiting poor families and vulnerable people.

Dealings by Donald Trump's cabinet members, advisers and donors was also revealed, including substantial payments from a firm co-owned by Vladimir Putin's son-in-law to the shipping group of the US commerce secretary, Wilbur Ross.

Twitter and Facebook got hundreds of millions of dollars in investments which can be traced back to Russian state financial institutions.

The International Consortium of Investigative Journalists oversaw the project, it is claimed.