City Research Online

Abstract

Crédit Swiss estimates that global aggregate wealth has reached US$ 240 trillion in 2013 and is about to rise by 40% in the next five years. It is estimated that between 10 to 12% of global aggregate wealth is located in jurisdictions colloquially known as tax havens. The figure represents the ‘top end’ of global wealth: mobile capital controlled by large international firms and wealthy individuals. This chapter discusses the emergence of a global industry – with an estimated turnover of US$ 50 billion dollars - whose main purpose and product is the reduction of individual and corporate tax footprint.

Publication Type:	Book Section
Additional Information:	This is a draft chapter. The final version is available in Handbook on Wealth and the Super-Rich edited by Hay, I, Beaverstock, J. V., published in 2016 by Edward Elgar Publishing Ltd. The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.
Subjects:	H Social Sciences > HG Finance J Political Science > JF Political institutions (General)
Departments:	School of Policy & Global Affairs > International Politics

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