Al-Jazeerah: Cross-Cultural Understanding
News, July 2012
World's Richest Hide at Least $21 Trillion in Tax Havens
France 24, July 23, 2012
By News Wires (text)
The world's wealthiest individuals have stashed $21-trillion worth of assets in offshore tax havens, equivalent to the combined GDPs of the United States and Japan, a tax-transparency report said on Sunday.
The report commissioned by campaign group Tax Justice Network drew data from a wide range of sources including the Bank of International Settlements and the International Monetary Fund.
Report author James Henry, former chief economist at consultancy McKinsey, said that the headline figure was conservative, adding that up to $32 trillion may have found its way into havens such as the Cayman Islands and Switzerland.
According to Henry, these assets are "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy".
The report found that the top 10 private banks managed more than $6 trillion in 2010, up from $2.3 trillion five years earlier.
Tax expert and British government adviser John Whiting said he was doubtful of the figure.
"There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?" he asked.
The Tax Justice Network campaigns for tax transparency and against tax havens.
Fair Use Notice
This site contains copyrighted material the
use of which has not always been specifically authorized by the copyright
owner. We are making such material available in our efforts to advance
understanding of environmental, political, human rights, economic,
democracy, scientific, and social justice issues, etc. We believe this
constitutes a 'fair use' of any such copyrighted material as provided for
in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C.
Section 107, the material on this site is
distributed without profit to those
who have expressed a prior interest in receiving the included information
for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml.
If you wish to use copyrighted material from this site for purposes of
your own that go beyond 'fair use', you must obtain permission from the
Opinions expressed in various sections are the sole responsibility of their authors and they may not represent Al-Jazeerah & ccun.org.
email@example.com & firstname.lastname@example.org