Inequality is far greater than previously understood in all studies and countries in which it is measured.
A Tax Justice Network (TJN) study, entitled Inequality: You Don't Know the Half of It has discovered tens of trillions of dollars belonging to high net worth individuals (HNWIs) that are not included in calculations establishing the gap between the rich and poor.
TJN interviewed eight of the world's most respected economists specialising in economic inequality. They all confirmed a huge under-reporting problem in this area.
TJN's research explains that if an asset is hidden in an offshore bank account, trust or company, and the ultimate owner or beneficiary of the income or capital therefore cannot be identified, then this asset and the income it produces cannot be counted in inequality statistics.
Although some inequality studies try to compensate for the missing offshore assets, all experts interviewed for this TJN paper agreed that no study comes even close to compensating sufficiently.
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