Super-Rich Hide at Least $21 Trillion in Tax Havens

Tuesday, July 24, 2012
If you combined the economies of the United States and Japan, you would have the dollar equivalent of the amount of money being stashed away by the super-rich of the world in offshore tax havens.
 
A new report from the Tax Justice Network found $21 trillion was hidden in foreign bank accounts in 2010. This amount is equal to the combined economic output of Japan and the U.S. each year.
 
Overall, there may be as much as $32 trillion held in offshore accounts, such as those located in banks found in Switzerland and the Cayman Islands.
 
“These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people,” said John Christensen of the Tax Justice Network. “People on the street have no illusions about how unfair the situation has become.”
 
Three banks handle most of these assets offshore: UBS, Credit Suisse, and Goldman Sachs.
 
The $21 trillion in offshore accounts was controlled by fewer than 10 million people, and only 1% (100,000) owned $9.8 trillion of the wealth.
-Noel Brinkerhoff

£13tn Hoard Hidden From Taxman By Global Elite (by Heather Stewart, The Guardian) 

Comments

liberalthinker2 9 years ago
gee how patriotic....... Obama needs to see these felons pay their share to support the economics and running America. It is time to pull the rug out from under these freeloaders. no more should America have to deal with these idiots and Make them move where their banking is done and good riddence.

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