Super-rich hide $3.55 trillion offshore, Oxfam says
An estimated $3.55 trillion in untaxed wealth may be hidden in offshore tax havens by the world’s richest individuals, according to new analysis released by Oxfam ahead of the 10th anniversary of the Panama Papers leak, Qazinform News Agency correspondent reports.
The charity said the amount of hidden wealth held by the richest 0.1% of people globally now exceeds the entire wealth of the poorest half of humanity, around 4.1 billion people.
Oxfam estimates that the offshore funds were held in tax havens and unreported accounts in 2024. The total is nearly as large as the economy of the United Kingdom and more than twice the combined gross domestic product of the world’s 44 least developed countries.
The report found that the richest 0.1% controls about 80% of all untaxed offshore wealth, equal to roughly $2.84 trillion. Within this group, the ultra-wealthy 0.01% alone holds about $1.77 trillion, nearly half of the total.
Christian Hallum, Oxfam’s tax lead, said the Panama Papers exposed a hidden financial system used by the wealthy to move large fortunes beyond the reach of taxation and public scrutiny. A decade later, he said, large amounts of wealth are still being kept offshore.
Hallum argued that the issue goes beyond complex accounting practices. According to him, when millionaires and billionaires move wealth into offshore tax havens, governments lose revenue needed to fund services such as hospitals, schools, and social programs, while ordinary taxpayers bear a larger financial burden.
Although international cooperation has reduced some offshore tax evasion, Oxfam said untaxed wealth remains high at around 3.2% of global GDP. The organization noted that progress has been uneven, with many countries in the Global South still excluded from the Automatic Exchange of Information system that allows governments to share financial account data.
Oxfam urged the British government to introduce a permanent wealth tax on the super-rich, suggesting a 2% annual levy on assets above £10 million. The group estimates such a measure could raise £24 billion each year to help tackle poverty, strengthen public services, and support environmental transition efforts.
The organization also called for stronger global cooperation through a United Nations tax convention aimed at closing tax havens and ensuring that the wealthiest individuals and major polluters contribute more to public finances.
Earlier, Qazinform News Agency reported that Japan turned to tobacco and corporate taxes to fund military build-up.