Super-rich stash more offshore than poorest half of humanity, Oxfam warns

The richest 0.1 percent of the global population now hold more untaxed wealth offshore than the combined wealth of the poorest 4.1 billion people, a new analysis by Oxfam, published ahead of the 10th anniversary of the Panama Papers, said.

Oxfam estimates that $3.55 trillion in untaxed wealth was hidden in tax havens and unreported accounts in 2024—surpassing the GDP of France and more than twice the combined GDP of the world’s 44 least developed countries. Around 80 percent of this offshore wealth, approximately $2.84 trillion, is concentrated in the hands of the richest 0.1 percent, with the ultra-wealthiest 0.01 percent holding nearly half ($1.77 trillion).

“The Panama Papers pulled back the veil on a shadow world where the richest quietly move immense fortunes beyond the reach of taxes and scrutiny. Ten years on, the super-rich are still sequestering oceans of wealth in offshore vaults,” said Christian Hallum, Oxfam International’s Tax Lead.

“This isn’t just about clever accounting—it’s about power and impunity. When millionaires and billionaires stash trillions in offshore tax havens, they place themselves above the obligations that bind the rest of society,” Hallum added. “The consequences are as predictable as they are devastating: public hospitals and schools starved of funds, rising inequality, and ordinary people forced to shoulder the costs.”

Oxfam calls on governments to enforce global cooperation to tax extreme wealth, strengthen financial transparency, and introduce taxes on the richest 1 percent, ensuring multimillionaires and billionaires contribute their fair share to reduce inequality.

Despite modest progress, untaxed offshore wealth remains at roughly 3.2 percent of global GDP, with countries in the Global South largely excluded from automatic information-sharing systems.

By Vafa Guliyeva