Swiss bankers Wegelin & Co. Swiss have been charged with conspiring to help American taxpayers to hide $1.2 billion from the Internal Revenue Service.
Some $10 trillion comes from just 92,000 people scattered around the globe.
The wealthiest people in the world have exploited loopholes in international tax rules, evading the taxman and sheltering a staggering $21 trillion or more in offshore accounts, according to a report released Sunday.
To give perspective to the scale of the offshore economy, the economic transparency group Tax Justice Network said the sum is larger than the entire United State’s economy, or enough money to entirely solve the European debt crisis.
The report, called The Price of Offshore Revisted, says between $21 trillion and $32 trillion could be hidden in tax havens in countries like Switzerland and the Cayman Islands. The first details of the report were released to the Observer in London.
And most of the money hidden overseas comes from people who would make the was majority of the top 1 percent turn green with envy, economists said.
Instead, some $10 trillion that has been stashed in off-shore accounts is owned by only 92,000 people, or 0.001 percent of the world’s population, the report finds.
“These estimates reveal a staggering failure: inequality is much, much worse than official statistics show,” said John Christensen of the Tax Justice Network. “People on the street have no illusions about how unfair the situation has become.”