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Latin America Business News

Brazilians Have Close to $520 Billion Stashed Away in Offshore Tax Haven Accounts

Brazilians Have Close to $520 Billion Stashed Away in Offshore Tax Haven Accounts

Photo: Brazilians have Billions in Offshore Accounts

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In a report entitled, ‘The Price of Offshore Revisited’ it is estimated that Brazil’s wealthiest are stashing away close to $520 billion dollars in offshore accounts.  Even with such a high amount, Brazil finds itself behind China with $1.18 trillion dollars, Russia with $798 billion dollars and South Korea with $779 billion dollars in tax havens. 

According to this research, at the end of 2010, millionaires from 139 different countries have close to $21 trillion dollars in offshore accounts, which would be the equivalent of the United States and Japanese economies combined. 

According to Mr. James Henry, a Senior Advisor at the Tax Justice Network, which commissioned the study, these figures are of particular importance during a time when many countries are faced with raising taxes as a means to reduce national debts.  Henry believes that the world’s wealthiest use, “an industrious bevy of professional enablers in private banking, legal, accounting and investment industries…The lost tax revenues implied by our estimates are huge.  It is large enough to make a significant difference to the finances of many countries.”

Yet, according to Mr. Henry, this information does not only bring bad news.  He also believes that the findings shed light on a large group of wealth in the world that may be able to contribute possible solutions for the global economic problems