A new report by Oxfam estimates that approximately $13.25 billion (or €11.49 billion) in wealth is held within tax havens, with an estimated $3.55 billion (or €3 billion) remaining untaxed globally. This figure represents more than three percent of global GDP, according to The Guardian. The majority of this hidden wealth is attributed to the richest 0.1 percent of the world’s population.
Oxfam’s analysis indicates that a small group of individuals possess assets equivalent to the total wealth of the poorest 50 percent of the global population. Following the implementation of automatic exchange of tax information between countries in 2016, there has been a reduction in the amount of hidden wealth. However, Oxfam stresses that the issue remains unresolved.
“It is not just a matter of cleverness,” the organization stated. The report highlights the ongoing challenge of wealth inequality and the role of tax havens in exacerbating the problem. The data underscores the concentration of global wealth and the need for continued efforts to address tax avoidance and promote greater financial transparency.
