$21tn: hoard hidden from taxman by global elite

• Study estimates staggering size of offshore economy • Private banks help wealthiest to move cash into havens A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network. James Henry, former chief economist at consultancy McKinsey and an ... Full Story »

Posted by Jack Powers - via Umair Haque, Tim O'Reilly, Google News (Global Economy)

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Jack Powers
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by Jack Powers - Jul. 21, 2012

at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals.

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