Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

  • Israel hits targets in Gaza despite diplomatic efforts for ceasefire

    Read more

  • Flight MH17 shot down ‘by mistake', US intelligence indicates

    Read more

  • Defying UK, France to proceed with sale of warship to Russia

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • US, European airlines suspend flights to Tel Aviv over Israel-Gaza conflict

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    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)