Tax and the Global Super-Rich
A recent report for the Tax Justice Network has revealed the extent to which the global super-rich hide their wealth in tax havens. The report finds that
"At least $21 trillion of unreported private financial wealth was owned by wealthy individuals via tax havens at the end of 2010. This sum is equivalent to the size of the United States and Japanese economies combined."
The implications of this study for wealth inequality measures suggests that wealth is a lot more concentrated than official figures state. The findings of this study also imply that there are huge lost tax revenues for most economies, particularly developing economies.
The report also finds that the offshore sector is effectively operated not by shady banks, but by the world's largest banks and financial institutions.