Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

France's Plan to Tackle Racism

Read more

THE WORLD THIS WEEK

Marine Le Pen and Thomas Piketty in Time magazine's power list; EU takes on Google; Gunter Grass dies (part 2)

Read more

THE WORLD THIS WEEK

Deadly Crossing: Migrants desperate to reach Europe; Abadi in Washington (part 1)

Read more

EYE ON AFRICA

Xenophobic attacks in South Africa: anti-violence marches and anti immigration protest

Read more

FRANCE IN FOCUS

French PM outlines action plan against racism, anti-Semitism

Read more

REPORTERS

Turkey’s hidden Armenians search for stolen identity

Read more

REVISITED

Families of slain Marikana miners still demanding justice

Read more

#TECH 24

Europe vs. Google: EU accuses search giant of market dominance abuse

Read more

#THE 51%

Women in America: Land of the free, home to the less-paid

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)