Charity calls for a levy on the very richest and the closing of tax loopholes in its report on offshore wealth
The global super-rich may have as much as $3.55tn hidden away from tax authorities, according to estimates by Oxfam.
The charity renewed its call for a wealth levy and urged governments to close tax loopholes as it published its latest analysis of the scale of offshore holdings.
Building on the work of academics including the French economist Gabriel Zucman and the EU Tax Observatory, Oxfam said total wealth held offshore had increased significantly, to $13.25tn (£10tn) in 2023 – the latest year for which estimates were available.
The share of these secretive holdings hidden from tax authorities has fallen sharply since the introduction in 2016 of a new system of automatic information exchange between jurisdictions.
