The value of wealth held abroad by Italians it still exceeds i 200 billion of euros, a figure certainly reduced compared to the past, thanks to a series of policies developed by global tax authorities to reduce evasion, but still high for a country beset by this plague and short of resources. This is what emerges from the “Global Tax Evasion Report 2024” survey by EuTax Observatory, a working group of the Pasris School of Economics directed by economist Gabriel Zucman.
Indispensable resources for carrying out tax reform, for allocating resources for the most vulnerable, for schools or for healthcare. Suffice it to say that 200 billion are approximately the resources of the PNRR e bring the topic of equity back into the news.
To understand the problem, just think that Oxfam Italia has calculated that, in the case of applying a 2% tax to the assets of the richest 0.1% of taxpayers, additional revenue of around 16 billion euros per year would be generated.
A large slice of GDP taken away from the country
The wealth hidden in tax havens would be equivalent to 10.6% of the national GDP. Financial assets would amount to 9.8% of GDP and wealth held in the form of real estate assets would amount to 0.8% of GDP.
Financial wealth evaporated
Specifically, the focus on our country shows that the only one “financial” wealth, i.e. shares, bonds, fund shares and bank depositsstolen by Italians to tax havens in Switzerland, Asia, Europe and America is equal to 196.5 billion of Euro. Of these, 181 billion are deposited in current accounts of offshore banks or in other financial assets, such as shares, bonds and fund shares.
Of this figure, 45.5% or 82.6 billion fled Swiss, despite the great strides made in recent years to abolish banking secrecy; 33.8% equal to 61.5 billion fled to other countries‘European Union like Ireland and Holland; 14.6% equal to 26.6 billion flew in Asia; 6% equal to 11 billion crossed the ocean and ended up in America.
Wealth also invested in real estate (undeclared)
The wealth of Italians was also used to purchase, without declaring themreal estate in particular locations for a total amount of 15.5 billion of Euro. The value of the properties purchased in French Riviera amounts to 7.3 billion, that of properties purchased a Paris to 3.7 billion, a London to 2.7 billion, a Oslo around 200 million and, outside Europe, a Dubai to 920 million and to Singapore to 140 million.
Other assets not included
The resources invested in others are missing untraceable goodsfor example gold, works of art, luxury cars, jewels, yachts and private jetsthe. All extra luxury goods which would bring the amount hidden in tax havens well beyond the calculated 200 billion and which constitute a significant gap in the wealth actually expatriated.