Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

Read more

IN THE PAPERS

"The burkini trap"

Read more

MEDIAWATCH

Should men also be 'liberated from oppressive beachwear'?

Read more

Business

World's richest hide at least $21 trillion in tax havens

Text by News Wires

Latest update : 2012-07-23

The world's wealthiest people have at least $21 trillion in assets hidden in offshore tax havens, a report from the Tax Justice Network said on Sunday, noting that another $32 trillion may be stashed in the Cayman Islands and Switzerland.

AFP - 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.

 

Date created : 2012-07-23

  • BANKING

    Court ruling may halt transfer of UBS client list to US tax authorities

    Read more

  • FRANCE

    Data on French tax evaders 'was stolen' from HSBC in Switzerland

    Read more

  • SWITZERLAND

    Taxation deal with France suspended over whistleblower spat

    Read more

COMMENT(S)