US$21tril to US32tril stashed away in tax havens pose economic challenge

CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues.

In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8 trillion owned by just 92,000 people, said The Observer, quoting James Henry, a former chief economist at McKinsey and an expert on tax havens.