US super rich wealthier than we thought, hiding huge sums: Report

13 Apr 2014 17:01

A new pair of reports suggests that the super rich in the US are richer than we thought.

The first report by Professors Emmanuel Saez (UC Berkeley) and Gabriel Zucman (LSE and UC Berkeley) addresses the question of how to measure total wealth, finding that there is an increasing concentration in the top one-thousandth.

So where is all this wealth going? The second report, by Zucman, demonstrates that a lot of the money is held in offshore tax havens -- far more than previously known.

New York Times columnist Paul Krugman summed up the numbers Friday, arguing that they tell us "something important about how the world really works."

"At the commanding heights of the US economy, hiding a lot of one’s wealth offshore is probably the norm, not the exception," Krugman wrote. The Huffington Post

Story Code: 86710

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