हिन्दी

Homepage Business

Tags:

Tax Justice Network

,

Black Money

,

Offshore Accounts

London: As per recent researches, it has been anticipated that 'global super rich elite' deposit about USD 20 trillion of black money in their offshore accounts, which is equivalent to combined GDPs of US and Japan.

According to the tax report released by Tax Justice Network, "This is the most detailed estimates yet of the size of the offshore economy".

In one of its annexure, the report read, "It first became evident in the late 1980s that a vast amount of flight capital was pouring out of the developing world".

As per report estimations, it is said that the amount of capital that has flown out of the economies of the developing countries since 1970s is sufficient enough to clear their debts to the rest of the world.

James Henry, former chief economist at McKinsey (consultancy) and an expert on tax havens revealed in the report that a minimum of USD 20 trillion (can be up to USD 31 trillion) has slipped into secretive jurisdictions such as Switzerland and Cayman Islands with the help of private banks.

Henry said, "Their wealth is protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly border less, frictionless global economy".

The report also unveils that top 10 private banks like UBS and Credit Suisse in Switzerland and Goldman Sachs managed more than USD 6 trillion in 2010, while five years earlier, they were limited to USD 2 trillion.

Henry said that about 92,000 people own assets of USD 10 trillion, which is only 0.001 percent of world's population. This is just a fragment of mega rich people who have more in common in comparison to those who lie at the bottom of income scale in their own societies.

"These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network.

Opinion Polls

Tag Related Stories:-

Featured Blogs

Advertise with Us || Legal || Disclaimer || Privacy Policy || About Us || Our Editors || Contact Us || Feedback || Jobs