USING data from IMF, WB, UN and central banks, former economist
of McKinsey James Henry has come out with a finding that the global super-rich
have been exploiting flaws in tax laws to conceal as much as 20 trillion pound
from revenue authorities. This figure is more than the combined GDP of the USA
and Japan, and is a serious threat to the concept of democracy.
The Report pegged a total of
about 13trillion pound, but said assets he was unable to identify, may add up to
as high as 20 trillion pound. As per the author's computations, assets worth 6.3
trillion pound are owned by only 92000 people. The top 10 private banks,
including UBS, were estimated to be managing around 4 trillion pound funds in
2010.
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