Wealth doesn't trickle down – it just floods offshore, research reveals (2012)
12 hours ago
- #tax evasion
- #wealth inequality
- #offshore accounts
- The super-rich have hidden at least $21 trillion to $32 trillion offshore, surpassing the size of the US economy, due to lax tax rules.
- James Henry's research reveals capital flight from over 130 low- to middle-income countries, with assets often exceeding national debts.
- Offshore wealth exacerbates inequality, as standard measures underestimate the gap since the ultra-rich are excluded from surveys.
- Taxing offshore assets could generate significant revenue, potentially $189 billion annually, aiding global issues like climate change.
- The hidden wealth is concentrated, with nearly half owned by just 92,000 people, excluding non-financial assets like real estate and art.