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).
Say you taxed them 50% of their unrealized gains, and assuming 50% of it was to the US, what percent of the US deficit could be paid?
I’d guess around 2-3%?
They should be taxed at 100% of wealth that is hidden in offshore accounts. Tax dodgers shouldn’t get to keep half of their ill-gotten gains. If someone steals a candy bar from Walmart they don’t get to keep half the candy bar.