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Super rich hold $32 trillion in offshore havens

Jul 24 2012, 12:38   |   By Reuters

Rich individuals and their families have as much as USD 32 trillion of hidden financial assets in offshore tax havens, representing up to USD 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 USD 21 and USD 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.

He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.

The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed USD 7.3 to USD 9.3 trillion of "unrecorded offshore wealth" by 2010.

Private wealth held offshore represents "a huge black hole in the world economy," Henry said in a statement.


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  •  jitendra7th |   Jul 23 2012,09:25

    What is the connection of this photo with this article? Do super rich people have feet-fetsih or super rich are sexy females?

  •  jitendra7th |   Jul 23 2012,09:24

    what is the connection with this photo in this article? Do super rich have feet-fetish or the super right are sexy female?

  •  naninice2000 |   Jul 22 2012,11:03

    Government is very keen to get the tax from middle class people, just imaging if these rich people pay the tax properly how much it’s worth it and what good things we can do using that cash.

  •  naninice2000 |   Jul 22 2012,11:02

    Government is very keen to get the tax from middle class people, just imaging if these rich people pay the tax properly how much it’s worth it and what good things we can do using that cash.

  •  marketgoons |   Jul 22 2012,08:30

    Like LTTE, Naxal groups in India, Maoists in nepal have considerable share from those money to make nuisance among Hindus.

  •  marketgoons |   Jul 22 2012,08:29

    Governemrnt of India had no evidence and hence it cannot act on those nes speculations. All those detalis but government of india does knows and earns 1000s of crores as theri pocket money and 10s of 1000s of crores into Indian economy & financial markets, by keeping all those information under secret. Yet India and global economy slide year in year. Demand from those nations to satisfy their scientific citizens are huge that even those money in addition to reorded money were not enough to leverage global growth.

  •  marketgoons |   Jul 22 2012,08:24

    It is making trouble for Indian secualrist as always they thought that foreigners are their gurus and all those from those nations are white and reaching them as blessings of good works done at india for them, as undeclared agents or underworld dons, Ransacking indians & indian economy.

  •  marketgoons |   Jul 22 2012,08:22

    It took so many years to know about it. Fake indian constitutional system just acted as agents of those money holder.

  •  marketgoons |   Jul 22 2012,08:21

    Fraction of that money already bought indian government & its constitutional machineries like courts/CBI etc, at least part of it.

  •  marketgoons |   Jul 22 2012,08:17

    Part of it already flown to Indian market, ruling congress and many elections in india, including current presidential elections. The Fraudulaent indian governemnt & its constitutioanl system.

  •  marketgoons |   Jul 22 2012,08:04

    Till now, India, secular indians, beleives world is true and white to their best of knowledge. They beleive all money from other religious nations are white and legal. But those led by governemnt of India does have links with all those black money like those of chidambaram, Raja & co etc. The waiting in president pranab & his counterpart Ansari, & their well wishers in the government were no different. Now, money control unveils all those faces out. A black mark in the face of president backed by those secularists. Fraudulant indian constitutional systems.

  •  marketgoons |   Jul 22 2012,08:00

    India as a poor contry had only fraction of it as per waiting in president, its just about 10000 crores.

  •  Wire News |   Jul 22 2012,06:02

    OFFSHORE-WEALTH-RICH-TAX:Super rich hold $32 trillion in offshore havens