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The Mega Rich Are Hiding At Least $21 Trillion In Offshore Tax Havens [Study]
According to a new study published by the Tax Justice Network, the richest people in the world have at least $ 21 trillion and as much as $ 32 trillion sitting in offshore bank accounts to dodge taxes in their home countries.
According to London’s Observer, which got early access to the report, the findings were based on data from the Bank of International Settlements, the International Monetary Fund, and private sector analysts.
From the Observer:
In total, 10 million individuals around the world hold assets offshore, according to Henry’s analysis; but almost half of the minimum estimate of $ 21tn – $ 9.8tn – is owned by just 92,000 people. And that does not include the non-financial assets – art, yachts, mansions in Kensington – that many of the world’s movers and shakers like to use as homes for their immense riches.
Assuming that super-rich investors earn a relatively modest 3% a year on their $ 21tn, taxing that vast wall of money at 30% would generate a very useful $ 189bn a year – more than rich economies spend on aid to the rest of the world.
The report includes the top 50 banks as measured by international client assets held, which is where you can find these assets.