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).
Lol.
I actually agree with most of your statement, except for “DIRECT”. That’s not part of my claim, and it shouldn’t be a goal of yours.
The terrain has been rigged so that all the direct, the locally advantageous, locally practical solutions lead back to the same toxic equilibrium. We are stuck in a historical basin of attraction and need to escape it.
The only long-term stable/viable solution, the only solution that honours our responsibility to future generations, is to avoid the immediate direct solutions, the ones that the manipulated incentive structures are set up to anticipate, and to do what you described. I’m not claiming it’s easy, or likely to happen, merely that it’s our only chance to save our species from itself.