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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 1 week ago* (last edited 1 week 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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[–] OrteilGenou@lemmy.world 4 points 1 week ago (2 children)

8.2 billion people, so 0.1% of that is 8.2 million people

2.83 trillion dollars held in accounts to evade taxes means that approximately $345,000 per person is held in accounts offshore.

That seems low, in a way. I expected it to be in the dozens of millions per person. It's also possible that my math is wrong.

[–] ZombiFrancis@sh.itjust.works 3 points 1 week ago

The 0.01 holds 1.77 trillion so the distribution is skewed. Furthermore there are likely many thousands of accounts in the 'small' amounts of tens of thousands, ostensibly for every member of an extended family in things like trust funds, etc.

[–] 3abas@lemmy.world 1 points 1 week ago (1 children)

I think it's 0.1% of wealth owning households, which would be closer to $1.42 million.

That would also mean the richest 0.01% are close to $8.85 million each.

Assuming 2 billion households, this is rough math.

[–] OrteilGenou@lemmy.world 1 points 1 week ago

Rough is right, in more ways than one.