The global super-rich may have as much as $3.55tn hidden away from tax authorities, according to estimates by Oxfam.
The charity renewed its call for a wealth levy and urged governments to close tax loopholes as it published its latest analysis of the scale of offshore holdings.
Building on the work of academics including the French economist Gabriel Zucman and the EU Tax Observatory, Oxfam said total wealth held offshore had increased significantly, to $13.25tn (£10tn) in 2023 – the latest year for which estimates were available.
Those “loop holes” in the law need to be fixed and the crooks who used them be punished. Not by paying a fine, they have infinite money that does nothing. Take away their undeserved fortune and build housing for the homeless, that kind of punishment they will remember for generations.
Ever noticed how fraud and corruption are the ONLY type of crime that goes down the generations. You don’t really see that much murderers pass their passion for murder and give their offspring tips on how to do it.
But if you are about to inherit a multi billion dollars fortune, you better believe you will receive LOTS of information about tax evasion, how to lobby to influence laws in your favor and ofc how easy it is to buy people into corruption.
Until we fix the hoarding wealth problem we have, it’s unfortunately never will change.
