Untaxed wealth hidden offshore by richest 0.1% surpasses entire wealth of the poorest half of humanity | Oxfam International
www.oxfam.org

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).

  • wowwoweowza@lemmy.worldEnglish
    9·
    3 days ago

    It’s LITERALLY just 16 families. Far fewer people than .1 percent. It’s 2 ten millionths of one percent.

  • Jimbel@lemmy.worldEnglish
    11·
    3 days ago

    But still to manny ordinary people rage out when higher taxes for billionaires are discussed.

  • thatKamGuy@sh.itjust.worksEnglish
    15·
    3 days ago

    0.1% still equates to 8.1m people; instead, if we we’re to focus focus on the Top 1%, of the Top 1% of the Top 1% - that is only ~8,100 people.

    Holding their feet to the fire, and getting them to co tribute their fair share - despite their dragon’s hoard of wealth - would quickly bring those below them with less wealth in line.

    e.g. Make an example out of Elon Musk, and the Ellison’s would quickly fall in line.

      • thatKamGuy@sh.itjust.worksEnglish
        10·
        3 days ago

        Nah, I put that argument in the same camp as “if you tax them, they will move” in New York; pure bluster and ultimately an empty threat of Mutually Assured Destruction.

        If a billionaire takes out a loan against their stock portfolio (as they so often do); force that to be treated as a Capital Gains taxable event. L

        • Tyrq@lemmy.dbzer0.comEnglish
          7·
          3 days ago

          For real. If they aren’t paying in, who cares if they leave wherever they are threatening to leave anyway. Just go, don’t let the trickle hit you in the economics on the way out

  • OrteilGenou@lemmy.worldEnglish
    5·
    3 days ago

    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.

    • 3abas@lemmy.worldEnglish
      3·
      3 days ago

      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.

    • ZombiFrancis@sh.itjust.worksEnglish
      3·
      3 days 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.

  • thingAmaBob@lemmy.worldEnglish
    5·
    3 days ago

    Yep, these people definitely have some sort of disease. No one needs nor would be able to spend that kind of money. Just completely insane.

    • a_gee_dizzle@lemmy.caEnglish
      1·
      3 days ago

      Its neurological basis for it is probably similar to that of hoarding. Hoarders might be billionaires who just never accumulated wealth

  • SabinStargem@lemmy.todayEnglish
    2·
    3 days ago

    If America has a major revolution, I suspect many of the financial assets would turn out to be smoke and mirrors, rather than something of concrete value.

  • Teppa@lemmy.worldEnglish
    1·
    2 days ago

    3.55 trillion in untaxed wealth

    Say you taxed them 50% of their unrealized gains, and assuming 50% of it was to the US, what percent of the US deficit could be paid?

    I’d guess around 2-3%?

    • jonesey71@lemmus.orgEnglish
      1·
      2 days ago

      They should be taxed at 100% of wealth that is hidden in offshore accounts. Tax dodgers shouldn’t get to keep half of their ill-gotten gains. If someone steals a candy bar from Walmart they don’t get to keep half the candy bar.