$1,189 Billion Chinese Wealth Hidden Abroad

Hong Kong’s Ming Pao reports today, the Tax Justice Network, an independent institute established by the British parliament, published a report stating, according to its conservative estimate, by the end of 2010, “global super-rich elite had at least $21 trillion hidden in secret tax havens.”

This is equivalent to the sum of the US and Japanese GDP. China ranks the first among developing countries, having transferred US$1,189 billion abroad, accounting for 5% of the world’s total.

The report deals with tax evasion and calls on various countries to close tax loopholes. However, China is entirely a different case. The transfers have mainly been made by corrupt officials and their family members to hide their ill-gotten wealth.

There have been rumours in the foreign media that Bo Xilai’s wife Gu Kailai has transferred $1 billion abroad, and she murdered British businessman Neil Heywood for fear that her hidden wealth would be revealed by him. The problem of such illegal transfer could be better resolved if Chinese officials are forced to declare their assets.

Categories: Crime & Corruption

Tags: , , , , , , ,

5 replies

  1. Reblogged this on NonviolentConflict.


  2. Reblogged this on PraxiS and commented:
    So, the global movement for income accountability grows.



  1. China holds murder trial of ex-leader’s wife in secret « China Daily Mail
  2. China’s U.S. debt holdings aren’t threat, Pentagon says « China Daily Mail
  3. Dirty money cost China $3.8 trillion 2000-2011 says report « China Daily Mail

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