Global Billionaires Hiding Over 3.5 Trillion Dollars from Taxes

Oxfam, a confederation of charitable organizations, has released a new report marking the 10th anniversary of the "Panama Papers" publication. According to the data, the world’s wealthiest individuals are shielding approximately 3.55 trillion dollars in offshore tax havens and undeclared accounts.

This figure exceeds France's annual Gross Domestic Product (3.16 trillion dollars) and is more than double the combined GDP of the world’s 44 least developed nations. The study’s authors emphasize that 80% of all offshore money, or 2.84 trillion dollars, belongs to just 0.1% of the world’s richest population. This capital exceeds the total wealth of the poorest half of humanity - roughly 4.1 billion people.

To combat tax evasion, Oxfam proposes increasing taxes on the top 1% of the world's wealthiest and introducing a dedicated tax on extreme wealth. Additionally, the organization called for strengthened international cooperation to achieve greater financial transparency.

Experts from the organization noted that while the total volume of offshore assets has grown to 13.25 trillion dollars since 2016, the untaxed portion has decreased significantly. This figure has now stabilized at approximately 3.2% of global GDP.

The reduction in the share of untaxed offshore funds is attributed to the implementation of the Automatic Exchange of Information (AEOI) system launched in 2016-2017. As of March 2025, 126 countries and jurisdictions have adopted this reporting standard. This development has significantly increased transparency within the international financial system.