According to Reuters rich individuals and their families
have as much as $32 trillion (20 trillion pounds) of hidden financial assets in
offshore tax havens, representing up to $280 billion in lost income tax
revenues, according to research published on Sunday.
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 between $21 and $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….
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