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The Hidden Wealth of Nations
Book

The Hidden Wealth of Nations

The Scourge of Tax Havens

Gabriel Zucman
University of Chicago Press, 2016

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Editorial Rating

8

Qualities

  • Analytical
  • Eye Opening
  • Engaging

Recommendation

The Panama Papers scandal of 2016 has refocused attention on tax havens, those shadowy destinations where billionaires, oligarchs and despots hide their cash. In this fascinating investigation, economist Gabriel Zucman estimates that some $7.6 trillion is squirreled away in secret accounts in Switzerland and other locations. Right-wing commentators have bashed his findings. But to his credit, Zucman acknowledges that the clandestine nature of tax havens makes it nearly impossible to pinpoint a figure. His crisp, lively prose makes this slim tome a worthwhile read, no matter your ideological bent. While always politically neutral, getAbstract recommends this book to taxpayers and tax collectors seeking a fresh analysis of an old issue.

Take-Aways

  • Tax evasion amounts to stealing, and offshore tax havens such as Switzerland, the British Virgin Islands and Luxembourg enable the theft of $200 billion a year in unpaid taxes.
  • Tax havens are cloaked in secrecy, confounding attempts to measure the size of their holdings.
  • Fully 8% of global wealth has been secreted across borders.

About the Author

Gabriel Zucman is an assistant professor of economics at the University of California at Berkeley. He also taught at the London School of Economics and is co-director of the World Wealth and Income Database.

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