Thanks to lax international tax rules the world’s super rich have siphoned at least $21 trillion — more than 50 percent larger than the entire U.S. economy — into secretive tax-free havens, according to a study by UK campaign group Tax Justice Network.
The report by James Henry, a former chief economist at international consultancy McKinsey & Co., shows how with the help of private banks the money has flowed into countries such as Switzerland and the Cayman Islands.
“We’re basically talking about a black hole in the world economy,” Henry told NBCNews.com.
The figure of $21 trillion in off-shore funds is conservative and the true sum could be as high as $32 trillion, Henry said.
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