“The wealthiest 1 percent of the world’s population now owns more than half of the world’s wealth, according a Credit Suisse report.” CBNC
‘The offshore industry makes “the poor poorer” and is “deepening wealth inequality,” said Brooke Harrington, a certified wealth manager and Copenhagen Business School professor who is the author of “Capital without Borders: Wealth Managers and the One Percent.”¹
“There is this small group of people who are not equally subject to the laws as the rest of us, and that’s on purpose,” Harrington said. These people “live the dream” of enjoying “the benefits of society without being subject to any of its constraints”.
Two years ago, Thabo Mbeki, who chaired the African Union (AU) panel on illicit flows, said that over the last five decades it is believed that Africa lost more than $1-trillion in “illicit financial outflows”.
Even today, Mbeki said the continent loses about $50-billion every year through these illicit flows, based on data from the International Monetary Fund (IMF) and other sources.
“The various tax havens and financial secrecy jurisdictions in Africa and elsewhere in the world are at the centre of the problem,” he said.’
1.’How do the one percent hold on to their wealth? And how do they keep getting richer, despite financial crises and the myriad of taxes on income, capital gains, and inheritance? “Capital without Borders” reveals how wealth managers use offshore banks, shell corporations, and trusts to shield billions in private wealth not only from taxation but from all manner of legal obligations. And it shows how practitioners justify their work, despite evidence that it erodes government authority and contributes to global inequality.’ – From Amazon review of Capital without Borders