Tax dodgers cause mayhem

Oxfam in a report published today says that the 62 richest people in the world own wealth equivalent to the resources of the poorest 3.5 billion people.

The agency cites estimates that rich individuals have placed a total of $7.6tn in offshore accounts, adding that if tax were paid on the income that this wealth generates, an extra $190bn would be available to governments every year.

Oxfam goes on to say it intends to challenge the executives of multi-national corporations in Davos on their tax policies. It said nine out of 10 WEF corporate partners had a presence in at least one tax haven and it was estimated that tax dodging by multinational corporations costs developing countries at least $100bn every year. Corporate investment in tax havens almost quadrupled between 2000 and 2014.