This amount is about 80% of all untaxed funds in the world. In total, the organization estimates that in 2024, about $3.55 trillion will be in offshore jurisdictions and undeclared accounts. This is equivalent to about 3.2% of global GDP.
Hidden assets exceed the GDP of 44 countries
By comparison, hidden assets exceed the GDP of a large economy like France and more than double the combined GDP of 44 of the world’s least developed countries.
Analysts also note that even within the group of the richest there is a sharp concentration: about half of all offshore funds belong to a narrow circle – just 0.01% of the world’s population.
Panama Papers Reveal Scheme
The publication of the report marks the tenth anniversary of one of the largest investigations into financial abuse, the Panama Papers. This information in 2016 uncovered asset hiding schemes by politicians, businessmen and government officials around the world.
Despite the fact that since the publication of the Panama Papers, the volume of hidden funds has slightly decreased, their share in the global economy remains significant. According to experts, this indicates systemic problems in the global financial sphere.
Head of Oxfam’s tax direction Christian Hallum emphasized that it is not only about taxes, but also about social justice. According to him, the concentration of wealth offshore undermines state budgets and increases social inequality.
