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Oxfam: $3.55T Offshore Wealth Untaxed

Oxfam: $3.55T Offshore Wealth Untaxed

Is taxing extreme wealth the only way to fix a rigged system or an economic fantasy that does more harm than good?
Oxfam: $3.55T Offshore Wealth Untaxed
Above: Signage outside an Oxfam charity shop in London, U.K., on Feb. 17, 2018. Image credit: Justin Tallis/AFP/Getty Images

The Spin

A decade after the Panama Papers, the super-rich are still hiding $3.55 trillion in offshore tax havens — more wealth than the world's poorest 4.1 billion people. RatherThis than clever accounting, this is greed with impunity, which is starving public hospitals and schools that ordinary people foot the bill for. Taxing extreme wealth, therefore, isn't radical; it's the only way to stop a rigged system from shredding what's left of society.

Wealth taxes sound righteous, but consistently fail in the real world, with numerous countries repealing them after their wealthy taxpayers simply left, raising far less revenue than promised while killing capital formation in the process. Policy choices such as these are little more than political fantasy to postpone the hard fiscal choices that welfare-bloated states must make.

Metaculus Prediction

There is a 35% chance that five years after AGI, there will be a universal basic income, according to the Metaculus prediction community.


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© 2026 Improve the News Foundation. All rights reserved.Version 6.18.0

© 2026 Improve the News Foundation.

All rights reserved.

Version 6.18.0