Tag: Global Financial Integrity

Tax evasion, crime of the rich at the expense of the poor

Nearly 800 million people suffer from hunger in the world, mainly in the so-called “developing” countries. Now, in these countries, every year at least 250 billion euros in tax revenues disappear to tax havens – that’s 6 times the amount needed annually to fight and conquer hunger by 2025 (1).

“It is estimated that 85% to 90% of these assets [private funds invested in tax havens] belong to less than 10 million people – or 0.014% of the world population – and at least a third of those assets belong to the 100,000 richest families in the world, with each having at least 30 million dollars” writes US economist James S. Henry. It’s the wealthy who profit most from the reduction of tax revenues to fraud, which perpetuates and exacerbates inequalities.