Category: Bank for International Settlements (BIS)

US$21tril to US32tril stashed away in tax havens pose economic challenge

CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues. In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8… – Continue reading

The World’s Wealthy are Hiding Up to $32 Trillion in Offshore Accounts

The world’s wealthiest people are hiding trillions of dollars in offshore tax havens to avoid paying their fair share of taxes, reported the Guardian. New research found that the amount of money hidden around the world is larger than what’s in the American economy. James Henry, economist and researcher with… – Continue reading