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Is there really 21 trillion dollars deposited in offshore accounts?
In July 2012 Tax Justice Network (www.taxjustice.net), a portal advocating the fight against corruption and tax evasion, published a report on the amount of money deposited offshore in tax havens. The report (The Price of Offshore Revisited), written by James Henry, alleges that even modest estimations at the amount deposited in the various “secret tax havens” put the figure at around 21 trillion dollars. At the same time, a former chief economist of the McKinsey company says that the figure could be as high as 32 trillion dollars. The author also raises the point that this amount, and the majority of wealth, can be linked to the world elite, which comprises less than 1% of the population. And it is primarily large countries like the USA and China who lose out as a result.