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Gabriel Zucman

Wednesday 21st of January 2026

By the numbers At the beginning of 2014, according to the national balance sheets published by organizations such as the Federal Reserve … global household financial wealth amounted to about $95.5 trillion. Out of this total, I estimate that 8%, or $7.6 trillion, is held in accounts in tax havens. This is a large sum. Gabriel Zucman, The Hidden Wealth of Nations  [$7.6 trillion doesn't include nonfinancial assets such as art, gold, jewelry or yachts. Other estimates are as high as $21 trllion.] © 2016 Kwiple.com
Tax evasion By my estimate, the artificial shifting of profits to low-tax locales enables US companies to reduce their tax liabilities, in total, by about $130 billion a year. Gabriel Zucman, The Hidden Wealth of Nations  © 2016 Kwiple.com
Tax evasion In the United States, according to my estimate, offshore evasion costs about $35 billion annually. Gabriel Zucman, The Hidden Wealth of Nations  © 2016 Kwiple.com
Tax evasion When tax evasion is possible for the wealthy, there can be no consent for taxes. And without taxes, there are no resources to finance schools, hospitals, and roads; nor to redistribute wealth, even slightly, to ensure the equality of opportunities. Gabriel Zucman, The Hidden Wealth of Nations  © 2016 Kwiple.com
 
Wealth inequality While offshore assets are rising, there is evidence that the number of clients is falling, and so the average wealth per client seems to be booming. Since the financial crisis, the main Swiss banks have been refocusing their activities on their “key private banking” clients, those with more than $50 million in assets. Gabriel Zucman, The Hidden Wealth of Nations  © 2016 Kwiple.com