Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality

Publikation: Working paperForskning

Standard

Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality. / Alstadsæter, Annette; Johannesen, Niels; Zucman, Gabriel.

2017.

Publikation: Working paperForskning

Harvard

Alstadsæter, A, Johannesen, N & Zucman, G 2017 'Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality'.

APA

Alstadsæter, A., Johannesen, N., & Zucman, G. (2017). Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality. National Bureau of Economic Research. Working Paper Series, Nr. 23805

Vancouver

Alstadsæter A, Johannesen N, Zucman G. Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality. 2017.

Author

Alstadsæter, Annette ; Johannesen, Niels ; Zucman, Gabriel. / Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality. 2017. (National Bureau of Economic Research. Working Paper Series; Nr. 23805).

Bibtex

@techreport{8672cadf8a0d403a9eea9f67aee45038,
title = "Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality",
abstract = "Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10{\%} of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15{\%} in Continental Europe, and 60{\%} in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01{\%} wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.",
author = "Annette Alstads{\ae}ter and Niels Johannesen and Gabriel Zucman",
year = "2017",
language = "English",
series = "National Bureau of Economic Research. Working Paper Series",
publisher = "National Bureau of Economic Research Inc",
number = "23805",
type = "WorkingPaper",
institution = "National Bureau of Economic Research Inc",

}

RIS

TY - UNPB

T1 - Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality

AU - Alstadsæter, Annette

AU - Johannesen, Niels

AU - Zucman, Gabriel

PY - 2017

Y1 - 2017

N2 - Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.

AB - Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.

M3 - Working paper

T3 - National Bureau of Economic Research. Working Paper Series

BT - Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality

ER -

ID: 185616706