$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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Posted by: Posted by Jack Powers - Jul 21, 2012 - 10:34 PM PDT
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Edited by: Pamela Hogle - Jul 22, 2012 - 11:00 AM PDT

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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 ... More »

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  • Super-Rich Hold Up To $32 Trillion In Offshore Havens

    Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax ...
    Posted by Dwight Rousu