Global Elites Are Hiding More Than $4.5 Trillion In Tax Havens (Video)
Photo credit: shutterstock
via Think Progress – Alan Pyke
Rich families are hiding at least $4.5 trillion offshore, according to Gabriel Zucman, and the real figure is probably closer to $6 trillion. Because Zucman’s data is from 2008, when the blooming financial crisis was driving asset prices down towards record lows, the total value of hidden global wealth is probably even higher today.
The estimate is based on global data on cross-border financial transactions that have always presented a puzzle to economists. The best data available shows far more money being owed across international lines than the total amount claimed by recipients of those same transactions. Using data from Swiss banks and logical deductions from the various reports that countries issue on their international assets and liabilities, Zucman estimates that tax haven accounts held $4.5 trillion in investment holdings and $1.4 trillion in material deposits like cash in 2008.
This disgusts me to no end. Half the world lives on $2-$10 a day. The 1% lives on this. The system is wrong. It does not work, it never has worked. When this system fails, and it will, you the people need to build something better. If it doesn’t, I’m going to fly my butt to the moon and start my own planet. Hoarding in any other form is a sickness, a disease and greed is the worst kind.
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