10 Millionen people of the global elite, who have offshore bank accounts ,held at least 23 trillion in these accounts

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.

Super rich hold $32 trillion in offshore havens

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An employee checks a safe box in the vault of the Basler Kantonalbank (BKB) in Basel January 21, 2009. Picture taken January 21, 2009. REUTERS/Arnd Wiegmann

LONDON | Sun Jul 22, 2012 1:49pm BST

(Reuters) – Rich individuals and their families have as much as $32 trillion (20 trillion pounds) of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The study estimating the extent of global private financial wealth held in offshore accounts – excluding non-financial assets such as real estate, gold, yachts and racehorses – puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

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He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.

The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3 to $9.3 trillion of “unrecorded offshore wealth” by 2010.

Private wealth held offshore represents “a huge black hole in the world economy,” Henry said in a statement.

(Reporting by Chris Vellacott)

http://uk.reuters.com/article/2012/07/22/uk-offshore-wealth-idUKBRE86L03W20120722

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About ottwf

The capitalistic and imperialistic system and its systematic aims: profit and power over others, still dominates our world and not the aims of the Universal Declaration of Human Rights, as 1948 agreed! After the world-economic-crisis after 1929 and the following World-War the world hat decided with agreeing the Universal Declaration of Human rights, to create a new world order; conflicts should be solved with peaceful means, not nations and their power, but the dignity of human beings around the world should be the aim of the policies and the economy, of every state and the community of states. But soon after the end of the war, when the victims and destruction were forgotten, all continued as before, with all risks, we had seen before. The split in rich an poor is getting bigger and bigger. We also overuse our global environment already, even if the big majority of mankind still lives in poverty! We are not victims, this world is men-made and be changed from men and women! It will be possible, if those, who do not want or serve (because of system-pressure) profits first, but want for themselves and everybody a life in human dignity unite and develop in a global base-democratic movement a common vision for our world, and learn, how to make this vision real. We need for it a big empowerment of many, many common men and women and their activities. Our chances are because of new communication technologies, of common languages, of the level of education and the mixture of people from different backgrounds better then ever. The occupy-movement is a good start for such a global movement. We support it and try to contribute to its success! We choose news and make comments and so try to unite people for an Occupy-Think-Tank: Its tasks: creating a news-network, self-education, working on global-reform programs and learning to organize projects for those, who are suffering. Join us, so that we can build teams for these aims for all subjects and countries as a base for the unification. We have Wan(n)Fried(en) in our name, because it means When peace and it is a modification of the name of the town our base is, in Wanfried, a small town in the middle of Germany, where we can use a former factory for our activities. Our telefon: 0049-5655-924981, mobil: 0171-9132149, email: occupy-think-tank@gmx.de
This entry was posted in occupy America, occupy democracy for the 99 percent, occupy economy, occupy equal rights for everybody, no discrimination anymore, occupy Europe, Occupy global reform programs, occupy social rights for all, Occupy the world, occupy the worldorder, occupy-think-tank WannFrieden. Bookmark the permalink.

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