A money ‘black hole’: rich hide at least $21 trillion in tax havens, study shows

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.

Read story on NBCNews.com >
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About fbrinleybruton

F. Brinley Bruton has been a journalist for 15, and worked in Kabul, Mexico City, Philadelphia, and New York City. Now based in London, she is a editor, producer and senior writer at NBCNews.com, a leader in breaking news and original journalism online that gets over a billion page views a month. Before joining MSNBC.com -- which became NBCNews.com in 2012 -- Brinley wrote about security, business and finance, international development and women’s issues. She has worked at Reuters in London and New York, and her pieces have appeared in the New Statesman, The Guardian, Los Angeles Times, The Philadelphia Inquirer, Long Island Newsday, The Star-Ledger, and Arabies Trends, among others. She also wrote and blogged for AlertNet, Reuters’ humanitarian news website.
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