Hidden assets may reach up to US$32t
Source: Agencies |
July 23, 2012, Monday
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Print Edition
Print Edition
RICH individuals and their families have as much as US$32 trillion of hidden financial assets in offshore tax havens, representing up to US$280 billion in lost income tax revenues, according to research published yesterday.
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at US$21 to US$32 trillion.
The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.
He used data from the World Bank, International Monetary Fund, UN and central banks.
The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, which effectively puts wealth beyond the reach of local tax authorities.
The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed US$7.3 to US$9.3 trillion of "unrecorded offshore wealth" by 2010.
Private wealth held offshore is "a huge black hole in the world economy," Henry said.
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at US$21 to US$32 trillion.
The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.
He used data from the World Bank, International Monetary Fund, UN and central banks.
The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, which effectively puts wealth beyond the reach of local tax authorities.
The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed US$7.3 to US$9.3 trillion of "unrecorded offshore wealth" by 2010.
Private wealth held offshore is "a huge black hole in the world economy," Henry said.
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