Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, according to a new report, The Price of Offshore Revisited from the International Tax Justice Network (TJN).
This translates into as much as $280 billion in lost income tax revenues that could be paying down government debt and supporting public services and education.
Data for this research comes from the World Bank, International Monetary Fund, the United Nations and banking sources. It was analyzed for the ITJN by British economist James Henry. Private wealth held in offshore accounts has created a "huge black hole in the world economy", James said as he released the report.
The study was commissioned to examine how much potential tax revenue is being sidelined from legitimate tax authorities, putting more pressure on middle class taxpayers.