1% Hide $21T, US Big Banks Hide $10T; Ending World Poverty: $3 Trillion
Using data from the BIS, IMF, World Bank, and governments, former Chief Economist at McKinsey, James Henry, reports the 1% have deposited $21 trillion to $32 trillion in tax havens to evade taxes. Related, the Federal Reserve reports the US top seven banks have over $10 trillion in assets recorded in over 14,000 created “subsidiaries” to avoid taxes.
The 1% hide more than total annual economic output of the US and Japan combined. This is also 7 to 32 times the $1 to $3 trillion estimated to end global poverty (here, here). Importantly, the 1% in US government have reneged on their promise to end poverty since the 1990 World Summit for Children, and even reject full support of microcredit to end poverty while earning a profit.
Global poverty kills a million children every month. Since the seven US banks created the last 10,000 of their tax haven subsidiaries since 1991, more human beings have died from preventable poverty than from all wars, murders, and violent deaths of any kind in all human history. As you may know, ending poverty reduces population growth rate in every historical case.