Tag: London-based editor

‘Black Hole’ Hides Trillions in Ill-Gotten Gains

F. BRINLEY BRUTON – 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. According to the study, the world’s top 50 private banks managed more than $12.3 trillion in 2010 in off-shore financial assets, up from $7.5 trillion five years earlier.