An estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities
After explosive leaks from an offshore firm last year, others in the sector insisted it was a bad apple. Now that claim can be tested.
The Paradise Papers expose a business model that lets the few asset-strip the many. Governments have powerful tools to stop this – but do they have the will?