Wealthy hiding $21 trillion in tax havens
The global "super-rich elite" are hiding more than $21 trillion US in tax havens, the amount equal to the combined GDP of the United States and Japan, according to a new report.
Commissioned by the Tax Justice Network, an independent British organization, the report is said to be the most comprehensive ever done concerning what it calls the “offshore economy.”
Researched and written by James Henry, an expert on tax havens, the report states the hidden money could be as large as $32 trillion, and represents a massive black hole in the world's economy.
The report says:
-UBS, Credit Suisse and Goldman Sachs are the three private banks handling the most assets offshore
-92,000 people, or 0.001 per cent of the world’s population, hold $21 trillion in hidden assets
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