A new study estimates that the "global super-rich elite" are hiding at least $21 trillion in tax havens like the Cayman Islands. And that number is just cash, like real dollars, and doesn't account for real estate or property that would bolster a rich person's net worth.
James Henry wrote The Price of Offshore Revisted for the Tax Justice Network. Using data from "Bank of International Settlements, International Monetary Fund, World Bank, and national governments," Henry came to the $21 trillion figure after guessing it might be even higher. He called $21 trillion a conservative estimate and said the figure might be closer to $32 trillion. As the BBC notes, that's more than the U.S. and Japanese economies combined.
Somewhere, Mitt Romney is preparing a statement saying he's not a member of the "global super-rich elite." Nope, not a member at all. Doesn't know what you're talking about.
This article is from the archive of our partner The Wire.
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