We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > Wealth floods offshore and does not ‘trickle down’ says new report

Wealth floods offshore and does not ‘trickle down’ says new report

8th August 2015 | Published by Evolution Money

cash-250x166Super rich men and women from around the world are failing to pay at least $21 trillion in taxes, more than the entire American economy, according to new research from the campaign group, Tax Justice Network.

James Henry, from Tax Justice Network, and previously a chief economist at consultancy, McKinsey, conducted the research based on data from the International Monetary Fund and the Bank for International Settlements.

His report shows that tax avoidance schemes, such as that used by comedian Jimmy Carr last year, are just the tip of the iceberg. Carr used a trust based in the Cayman Islands to cut the amount of tax he paid but, according to the report, many of the world’s super rich are hiding some or all of their assets off shore, despite the efforts of many leading economies to tackle tax evasion.

The report shows, says John Christensen from Tax Justice Network, that inequality is much greater than government statistics indicate. Politicians rely on the trickle-down effect to transfer some of the wealth held by the rich to poorer members of society. However, the report indicates that, in fact, vast amounts of wealth are actually flowing out of the country and into off shore accounts.

James Henry estimates that more than $21 trillion (£13 trillion) is held in off shore accounts, possibly as much as $32 trillion (£20 trillion). Half of that is owned by just 92,000 people.

According to Henry, if these super rich tax evaders could be persuaded to reinvest their wealth back in their home countries, much of the wealth could be used to tackle many of the challenges faced by economies today. For example, taxing the super-rich citizens of Europe could, potentially, end the Eurozone’s debt crisis. African economies, such as those of Nigeria and Ivory Coast, could also drag themselves out of the indebtedness they currently face.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution