US EditionOxfam: $3.55T Offshore Wealth Untaxed
- On Thursday, April 2, 2026, Oxfam International released a report marking the 10th anniversary of the Panama Papers, revealing that the richest 0.1% hold $3.55 trillion in untaxed offshore wealth, exceeding the combined assets of the poorest 4.1 billion people.
- Within this elite group, the richest 0.1% hold approximately 80 percent of untaxed offshore assets, or around $2.84 trillion, while the ultra-wealthy 0.01% control roughly half that amount, at $1.77 trillion.
- "When millionaires and billionaires stash trillions of dollars in offshore tax havens," said Christian Hallum, Oxfam International's Tax Lead, "they place themselves above the obligations that bind the rest of society."
- Oxfam demands governments implement progressive wealth taxes on the top 1% and establish a global asset register to track billionaire fortunes, strengthening cooperation under the UN Framework Convention on International Tax Cooperation.
- While the Automatic Exchange of Information system has reduced untaxed offshore wealth in recent years, progress remains uneven as most countries in the Global South are excluded from the transparency initiative.
24 Articles
24 Articles
In 2024, 3.550 billion dollars were held by the super rich in tax havens or undeclared offshore bank accounts, avoiding any form of tax withdrawal. A sum equal to once and a half the GDP of Italy, twice the aggregate GDP of the 44 poorest countries in the world. It means that the offshore wealth of the 0.1% richest global has exceeded that possessed by the poorest half of humanity.
The "Panama Papers" reveal one of the largest financial scandals in the world in 2016: the systematically hidden assets of the super-rich. So far, not much has changed. "The problem persists and we all pay the price," Oxfam criticises.
der Standard AT
der Standard DETen years after the Panama Papers, wealth is still being hoarded untaxed in offshore centres. Oxfam demands a minimum tax for super-rich and more transparency
Tax evasion, money laundering, letterbox companies: politics, on the other hand, does too little, says Oxfam.
The world's richest have stashed away some $2.84 trillion in untaxed tax havens, more than the combined wealth of the poorer half of humanity, a new report says.
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