Safe Mode: On
Super-rich 'hiding' at least $21tn

-

A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.

The figure is equivalent to the size of the US and Japanese economies combined.

The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network.

Tax expert and UK government adviser John Whiting said he was sceptical that the amount hidden was so large.

Mr Whiting, director of the Office of Tax Simplification, said: "There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?"

Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn. A trillion is 1,000
-


Added: Jul-22-2012 Occurred On: Jul-23-2012
By: MB-UK
In:
Other News
Tags: super, uber, rich, hiding, trillions, money, economy
Location: England, United Kingdom (UK/GB) (load item map)
Views: 1586 | Comments: 59 | Votes: 3 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 2
You need to be registered in order to add comments! Register HERE