World's Richest Hiding $21 Trillion From Taxman

Top 0.001% alone account for $10 trillion
By Mark Russell,  Newser Staff
Posted Jul 23, 2012 3:35 AM CDT
Updated Jul 23, 2012 5:30 AM CDT
World's Richest Hiding $32 Trillion From Taxman
Up to $32 trillion is hidden in tax havens around the world, according to a new report by the Tax Justice Network.   (Shutterstock)

While Democrats and Republicans argue about who should get tax cuts in America—those making $250,000 a year or $1 million annually—the really, really megarich are hiding some real money around the world in tax havens and sheltered offshore accounts reports the Guardian. In fact, at least $21 trillion (and up to $32 trillion) is stashed in offshore accounts around the world, according to a new report by the Tax Justice Network.

And while about 10 million people have offshore assets, the top 92,000 of them—0.001% of the world's population—account for some $10 trillion of those funds. "These estimates reveal a staggering failure: Inequality is much, much worse than official statistics show,” the head of the Tax Justice Network is quoted as saying in the New York Daily News. (More inequality stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X