Global super-rich may have hidden $3.55tn from tax officials, says Oxfam

"Oxfam estimates that perhaps $3.55 trillion is still shielded from tax, worth more than 3% of global GDP. This hidden wealth is primarily owned by the richest 0.1% of households."

"The total wealth held offshore has increased significantly, reaching $13.25 trillion in 2023. The share of these secretive holdings hidden from tax authorities has fallen sharply since 2016."

"Christian Hallum stated, 'This isn't just about clever accounting - it's about power and impunity. When millionaires and billionaires stash trillions of dollars in offshore tax havens, they place themselves above the obligations that bind the rest of society.'"

"Oxfam is part of a global campaign to mobilize calls for a global progressive wealth tax, including through negotiations at the UN on a framework for tax cooperation."

Oxfam estimates that $3.55 trillion of global wealth is hidden from tax authorities, representing over 3% of global GDP. Total offshore wealth has risen to $13.25 trillion in 2023. The share of hidden assets has decreased since 2016 due to automatic information exchange, yet a significant amount remains untaxed. Approximately 80% of this hidden wealth is owned by the wealthiest 0.1% of households, equating to the total wealth of the poorest half of the global population. Oxfam advocates for a global progressive wealth tax and inclusion of global south countries in tax cooperation frameworks.

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