Tax havens: Super-rich 'hiding' at least $21tn

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Summary	Tax havens: Super-rich 'hiding' at least $21tn
Category	General
Power Supply Career Jobs	" ... global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study. The figure is equivalent to the size of the US and Japanese economies combined. The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for by the Tax Justice Network. ... Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn. A trillion is 1,000 billion. Mr Henry used data from the Bank of International Settlements, International Monetary Fund, World Bank, and national governments. ... "The lost tax revenues implied by our estimates is huge. It is large enough to make a significant difference to the finances of many countries. "From another angle, this study is really good news. The world has just located a huge pile of financial wealth that might be called upon to contribute to the solution of our most pressing global problems," he said. ... Other findings in Mr Henry's report include: - At the end of 2010, the 50 leading private banks alone collectively managed more than $12.1tn in cross-border invested assets for private clients - The three private banks handling the most assets offshore are UBS, Credit Suisse and Goldman Sachs - Less than 100,000 people worldwide own about $9.8tn of the wealth held offshore.
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Author	SMPS Editor
Posted	7/22/2012
Pageviews	209