Rich hide $11.5 trillion in tax havens
New report reveals extent of worldwide avoidance.
The world’s richest individuals have placed $11.5 trillion of assets in offshore tax havens, The Observer has reported.
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A study by Tax Justice Network, a group of economists and accountants concerned at what they see as escalating tax avoidance, has calculated the huge figure, which amounts to 10 times UK GDP.
John Christensen, co-ordinator of the Tax Justice Network, said: ‘This is one of the defining crises of our times. One of the most fundamental changes in our society in recent years is how money and the rich have become more mobile. This has resulted in the wealthy becoming less inclined to associate with normal society and feeling no obligation to pay taxes.’