Overview
- Oxfam's new analysis, released Thursday ahead of the Panama Papers' 10th anniversary, finds more than $3.55 trillion in offshore assets went untaxed in 2024.
- The richest 0.1% held about $2.84 trillion of that sum and the top 0.01% about $1.77 trillion, which Oxfam says exceeds the combined wealth of 4.1 billion people.
- Oxfam says these hidden assets deprive governments of revenue for public services by keeping large fortunes outside national tax systems.
- The group credits automatic exchange of bank data between countries, launched in 2016–17, with cutting the share of hidden wealth.
- U.N. members agreed in November 2024 to start talks on a global tax cooperation pact through 2027, a process Oxfam sees as a way to bring more countries into effective information sharing.