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Wealthy May Hide as Much as $32 Trillion Offshore, Report Says -- Bloomberg
Wealthy individuals may have been hiding as much as $32 trillion offshore at the end of 2010, according to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system.
The estimate is almost three times the organization’s last estimate of $11.5 trillion in 2005. Fewer than 100,000 people own $9.8 trillion of offshore assets, according to the research, carried out by former McKinsey & Co. economist James Henry.
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More News On $32 Trillion In Off-Shore Tax Havens
World's wealthiest have 'deprived the taxman of £13TRILLION by hiding cash in tax havens overseas' -- Daily Mail
Tax Justice Network: Wealth Held in Tax Havens Skyrockets -- Wall Street Journal
Tax havens: Super-rich 'hiding' at least $21tn -- BBC
Wealthy hiding $21 trillion in tax havens, report says -- CBC
World's super-rich are holding $32 trillion in tax havens -- Digital Journal
Wealth doesn't trickle down – it just floods offshore, new research reveals -- Heather Stewart, The Guardian
My Comment: I can understand wealthy individuals and corporations leaving assets off-shore .... many of them are doing it legitimately. I can also understand that corrupt governments and criminal groups may want to keep their money elsewhere .... in case they have to run and/or do something else with those funds .... OK .... there is some money there. But .... the super wealthy hiding assets that are 1.5x - 2.0x of the US GDP ($21T - $32T) .... in short .... offshore tax havens are worth double what the US GDP was for 2011. Hmmmm .... sorry .... that's stretching it..
The Tax Justice Network's website is here.