Monday, July 23, 2012
Super rich hiding up to $32 trillion offshore
A new report says that at least 21 trillion dollars, is being held around the world, in what are known as offshore accounts, or tax havens.
This is as much money as the entire annual economic outputs of the US and Japan, combined but this belongs to just 10 million people worldwide who have offshore bank accounts.
John Christensen from the Tax Justice Network, an organisation fiercely critical of tax havens and economist, Richard Rahn, a former Cayman Islands banking regulator and now a senior fellow at the Cato Institute, a libertarian think tank spoke to Al Jazeera.
Rahn says the statistics in the report are bogus.
Posted by The Progressive Rambler at 3:47 PM