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Untaxed wealth hidden offshore by richest 0.1% surpasses entire wealth of the poorest half of humanity (www.oxfam.org)

submitted 5 days ago* (last edited 5 days ago) by Beep@lemmus.org to c/world@lemmy.world

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The amount of untaxed wealth hidden offshore by the richest 0.1 percent exceeds the entire wealth of the poorest half of humanity (4.1 billion people), reveals new Oxfam analysis published today ahead of the 10th anniversary of the Panama Papers. The findings show that, a decade later, the super-rich continue to exploit offshore systems to evade taxes and conceal assets, highlighting the urgent need for coordinated international action to tax extreme wealth and end the use of tax havens.

Oxfam estimates that $3.55 trillion in untaxed wealth was stashed offshore in tax havens and unreported accounts in 2024. This sum exceeds the GDP of France and is more than twice the combined GDP of the world’s 44 least developed countries.

The richest 0.1 percent holds approximately 80 percent of all untaxed offshore wealth, or around $2.84 trillion. Within this tiny group, the ultra-wealthiest 0.01 percent holds roughly half ($1.77 trillion).

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[–] RIotingPacifist@lemmy.world -1 points 5 days ago (1 children)

If you write off Treasury notes we have to either accept that MMT is real and that we can print money when needed.

Or we'd need to destroy an equal amount of money to the treasury note.

Or if MMT isn't accurate (unlikely) then we'd see inflation as the government would effectively be unsecuring it's debts.

[–] GaMEChld@lemmy.world 1 points 5 days ago (1 children)

Well could we somehow do it via serial number on the notes maybe? Like let's say we use the event to denote a switch to color money instead of green only. And then we say in 10 years, all green money is expired and worthless, so every note has to come back into the Treasury to get renewed, and at that time be potentially subjected to repatriation taxes.

Think something like that could work?

[–] RIotingPacifist@lemmy.world 0 points 4 days ago

That would be a mechanism for doing it, I'm just pointing out that, according to most economic theories (which I think are wrong) money requires Treasury notes to exist, otherwise you're printing money which most economists claim will cause inflation.