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The richest 0.1% of people on Earth are hiding more than $2.8 trillion in offshore accounts to avoid taxes. That money alone is more wealth than is owned by the entire bottom half of humanity, more than 4.1 billion people.
These findings were published in a report released Thursday by Oxfam International on the 10th anniversary of the 2016 Panama Papers, which provided an unprecedented look at how the world's most powerful capitalists, financiers, political leaders, celebrities, and criminals exploited offshore tax havens to stash their money.
"Ten years on, the superrich are still sequestering oceans of wealth in offshore vaults,” said Christian Hallum, Oxfam International’s tax lead.
The percentage of untaxed wealth in offshore accounts has dropped in the past 10 years, in large part due to global reforms like the adoption of the Organization for Economic Cooperation and Development's Automatic Exchange of Information framework (AEOI), which allows revenue authorities around the world to easily share information and crack down on cheats.
However, many nations in the Global South are excluded from this system, even though they need the tax revenue the most.
Oxfam found that a staggering $3.5 trillion, more than 3.2% of the global gross domestic product, still remains in untaxed accounts. That's more than the entire GDP of France and is more than twice the combined wealth of the world's 44 poorest nations.
And while the percentage of untaxed wealth is shrinking, that doesn't mean inequality has shrunk.
On the contrary, the December 2025 "World Inequality Report" found that the richest 0.001% of humanity—fewer than 60,000 multimillionaires and billionaires—now have three times as much wealth as the poorest half of the world’s population combined.
Inequality has surged around the world in part due to taxation policies and pandemic recovery packages that overwhelmingly favor the rich. The most glaring was adopted in the world's financial hub, the United States, last year.
The megabudget passed by Republicans and signed into law by President Donald Trump handed a $1 trillion tax cut to America's wealthiest 1% while slashing more than $1 trillion in spending from Medicaid, food assistance, and other safety net programs. It has been described by some economists as the largest upward transfer of wealth in US history.
While the global top 0.1% holds about 80% of untaxed offshore wealth, an even smaller group of uber-wealthy individuals does most of the cheating. The world's richest 0.01%, who hold at least $50 million apiece, control about half of all money in global tax shelters—$1.7 trillion.
According to the Tax Justice Network's Corporate Tax Haven Index, Caribbean islands under UK ownership, including the British Virgin Islands, the Cayman Islands, and Bermuda, are among the worst offenders. Other notable tax havens include Switzerland, Singapore, Hong Kong, Ireland, and the Netherlands.
A February Oxfam report on Elon Musk, who is well on his way to becoming the world's first trillionaire, found that his company, Tesla—which managed to pay zero dollars on its $2.3 billion income in 2024—has not published a country-by-country report on its taxes and that it has subsidiaries in many countries considered to be tax havens.
Big Pharma companies, including AbbVie and Merck, also used tax shelters to lower their total tax expense in 2025 by more than $1 billion, according to a report released earlier this month by the Financial Accountability & Corporate Transparency Coalition.
"This isn’t just about clever accounting—it’s about power and impunity," Hallum said. "When millionaires and billionaires stash trillions of dollars in offshore tax havens, they place themselves above the obligations that bind the rest of society."
"The consequences are as predictable as they are devastating," he continued. "We see our public hospitals and schools starved of funds, our social fabric shredded by rising inequality, and ordinary people forced to shoulder the costs of a system rigged to enrich a tiny few.”
Even a fraction of the money currently stashed away by the world's wealthiest could alleviate untold amounts of suffering.
In November, the United Nations' World Food Program estimated that extreme hunger, which currently affects more than 318 million people around the world, could be eradicated by 2030 with investments of about $93 billion per year, but that global hunger programs instead remain “slow, fragmented, and underfunded."
According to a 2021 UN Educational, Scientific, and Cultural Organization (UNESCO) report, investments of around $114 billion per year would similarly be enough to ensure that everyone on Earth has access to safe drinking water and sanitation.
Oxfam called on governments around the world to increase coordination to prevent the wealthy from hiding their riches from tax authorities. It also urged them to adopt more aggressive policies to tax the 1%'s wealth at home, including taxes on income and on extreme wealth.
Echoing recent viral comments by music superstar Billie Eilish, Maine Democratic candidate for US Senate Graham Planter is also arguing that the existence of billionaires cannot be justified in a world where working-class people with multiple jobs still cannot afford the basic necessities of life.
In video clip posted Friday of a campaign event in the northern town of Caribou from last month, Platner rails against the “structures” of an economy in which billionaires with vast personal fortunes use their wealth to bend government—including the tax code—to conform to their interests while working people are left increasingly locked out of controlling their own destinies, both materially and politically.
WASHINGTON—In an effort to manage the American people’s expectations, officials at the National Association for Business Economics announced Wednesday that they hoped your heart wasn’t set on a house. “We’re not saying it’s impossible—we’re just saying you might want to consider keeping your options open,” said Jeffrey Birney, an economics professor at Georgetown University, who acknowledged that while, from a theoretical perspective, a three-bedroom, two-bathroom home would “be nice,” the economists didn’t want the nation to be disappointed if things didn’t turn out as expected. “There are so many other places you could live: an apartment, the basement or living room of a friend or family member, an RV, or even a roomy car. It would just be heartbreaking if that’s what your little savings account turned out to be for. Oh jeez, don’t tell us that’s really what it’s for.” At press time, economists were gently encouraging Americans to focus on food
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"People are fed up with billionaires' greed eroding the environment and communities we depend on," said one supporter of the new initiative. "It's time for world leaders to listen and act."
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"Democratic socialist Zohran Mamdani on Tuesday beat disgraced former New York Gov. Andrew Cuomo in the Democratic NYC mayoral primary—but progressives within and beyond the city don't expect the billionaire class and party establishment that lined up against him to give up so easily. Going into the general election, those who believe in Mamdani's vision are encouraging him and his supporters to maintain the momentum of the movement they've built."
https://www.theguardian.com/news/2026/may/13/three-quarters-uk-millionaires-willing-pay-more-tax-research-findsOpen linkView original on midwest.social
