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|$196 Billion Siphoned Abroad By Nigerian Elites - Tax Justice Network. by BlackBaron: 11:33pm On Jul 21, 2012|
£13tn: hoard hidden from taxman by global elite
A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.
James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.
He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.
The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.
Oil-rich states with an internationally mobile elite have been especially prone to watching their wealth disappear into offshore bank accounts instead of being invested at home, the research suggests. Once the returns on investing the hidden assets is included, almost £500bn has left Russia since the early 1990s when its economy was opened up. Saudi Arabia has seen £197bn flood out since the mid-1970s, and Nigeria £196bn.
|Re: $196 Billion Siphoned Abroad By Nigerian Elites - Tax Justice Network. by BlackBaron: 11:37pm On Jul 21, 2012|
Imagine what that colossal amount of investment would have done to our economy over the past few decades?
|Re: $196 Billion Siphoned Abroad By Nigerian Elites - Tax Justice Network. by dasparrow: 4:09am On Jul 22, 2012|
So sad. With that kind of money invested in Nigeria, Nigeria would have been a force to be reckoned with on the global stage. Instead, we use our money to make other nations rich when our thieving politicians deposit their looted funds in swiss bank accounts. When will our people ever learn?
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