More than $12 trillion stuffed offshore, from developing countries alone

James S. Henry

James S. Henry

From The Guardian:

“More than $12tn has been siphoned out of Russia, China and other emerging economies into the secretive world of offshore finance, new research has revealed, as David Cameron prepares to host world leaders for an anti-corruption summit.
. . .
The analysis, carried out by Columbia University professor James S Henry for the Tax Justice Network, shows that by the end of 2014, $1.3tn of assets from Russia were sitting offshore.

David Cay Johnston, writing in The Daily Beast in the U.S., adds:

“The $12.1 trillion estimate—which amounts to two-thirds of America’s annual GDP being taken out of the economies of much poorer nations—is for flight wealth built up since 1970. Add to that flight wealth from the world’s rich regions, much of it due to tax evasion and criminal activities like drug dealing, and the global figure for hidden offshore wealth totals as much as $36 trillion.”

See also Henry writing in Foreign Affairs on this topic.

Cay Johnston goes into detail, and is worth reading. For the raw data behind the numbers, you’ll need to contact Henry directly: he expects to publish some further details soon. We’ll carry updates in the Reports section of our website.

The initial document is here. More data will be uploaded in due course.

Also see this Guardian story: Tax havens have no economic justification, say top economists. This is a letter co-ordinated by Oxfam, which is reproduced in full here. The list of 300 signatories is here.


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About The Author

Nicholas Shaxson is a journalist and writer on the staff of Tax Justice Network. He is author of the book Poisoned Wells about the oil industry in Africa, published in 2007, and the more recent Treasure Islands: Tax havens and the Men who Stole the World, published by Random House in January 2011. He lives in Berlin
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5 thoughts on “More than $12 trillion stuffed offshore, from developing countries alone

  1. David Walker says:

    Is the report available to the public and researchers like myself? I write regularly on the lack of accountability in the economy of Trinidad and Tobago and my work would benefit greatly from any well researched data about outflows from the country.

  2. George H says:

    Where is the report?

  3. Alvaro Fernandez-Gonzalez says:

    Please post the report! The blip on 1% equal to all development aid is pure dynamite, but we need to substantiate it in order to have any credibility.

  4. Shazwan Shuhaimen says:

    I am interested to read the detailed report as well.

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