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Unfortunately, their assets are held by a small number of wealthy individuals, while their debts are shouldered by their ordinary people through their governments. James S. This at a time when governments around the world are starved for resources, and we are more conscious than ever of the costs of economic inequality. Despite taking pains to err on the conservative side, the results are astonishing. For most countries, global financial inequality is not only much greater than we suspected, but it has been growing much faster.

It is large enough to make a significant difference to the finances of many countries, especially developing countries that are now struggling to replace lost aid dollars and pay for climate change. But the problem is, their wealth is now offshore, in the hands of their own elites and their private bankers. Our detailed analysis of these banks shows that the leaders are the very same ones that have figured so prominently in government bailouts and other recent financial chicanery.

This scandal is made worse by the fact that they already have much of the data needed to estimate this sector more carefully. For reasons of their own, they have tolerated the growth of the offshore sector for far too long, out of sight.

It is time for them to live up to their promises, and work with us on concrete policies to get it under control. The world has just located a huge pile of financial wealth that might be called upon to contribute to the solution of our most pressing global problems. State of Tax Justice How much tax is your country losing to global tax abuse every year?

Research Our research equips people and governments everywhere with the information and tools they need to reprogramme their tax systems to run on equality. Events View all events. Thank you! You have successfully joined our subscriber list. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Manage consent. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website.

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