The Super-Rich Have $32 Trillion in Offshore Tax Shelters
The super-rich of The Earth had at least twenty-one trillion dollars hidden away in secret tax shelters at the end of 2010, according to a report just released by the Tax Justice Network. The number may be as high as $32 trillion – nearly half of the entire Gross World Product.
At least $21 trillion of unreported private financial wealth was owned by wealthy individuals via tax havens at the end of 2010. This sum is equivalent to the size of the United States and Japanese economies combined.
There may be as much as $32 trillion of hidden financial assets held offshore by high net worth individuals (HNWIs). according to our report The Price of Offshore Revisited, which is thought to be the most detailed and rigorous study ever made of financial assets held in offshore financial centres and secrecy structures.
We consider these numbers to be conservative. This is only financial wealth and excludes a welter of real estate, yachts and other non-fianncial assets owned via offshore structures.
This $32 trillion amounts to more than $4500 for every man, woman and child on the planet that has been squirreled away and not subject to taxation.
Less than 100,000 individuals accounted for nearly $10 trillion of the offshore wealth.
The report shows that when hidden wealth is taken into account, many so-called “debtor nations” are actually wealthy – but their wealth is being imprisoned offshore by the elites and bankers.
The Tax Justice Network is an independent organization launched in the British Houses of Parliament in March of 2003. It is dedicated to high-level research, analysis and advocacy in the field of tax and regulation.