Pandemic boosts super-rich share of global wealth

The share of household wealth owned by billionaires has risen by a record amount during the pandemic, with millionaires also coming out of COVID-19 ahead, a study found on Tuesday. The World Inequality Report produced by a network of social scientists estimated that billionaires this year collectively own 3.5% of global household wealth, up from

Super-rich increase their share of world’s income

The share of wealth owned by the world’s richest people soared during the Covid pandemic, a major study on inequality has found. The World Inequality Report said that 2020 saw the steepest increase in billionaires’ wealth on record. Meanwhile, 100 million people sank into extreme poverty, the report from the Paris-based World Inequality Lab said. The

Chilean president Piñera impeached over Pandora papers revelations

Lower house approval vote sets up trial in Chile’s senate Papers revealed offshore dealings of conservative president Chile’s President Sebastián Piñera has been impeached by the lower house of congress, setting up a trial in the nation’s senate over allegations he favored the sale of a family property while in office. The vote to impeach passed with

Czech prime minister’s party narrowly loses re-election days after Pandora Papers revelations in surprise outcome

Scandal-clouded billionaire Andrej Babis now faces probes over secret luxury property deals exposed in ICIJ’s global investigation based on the biggest ever offshore data leak. In a shock result, billionaire Andrej Babis’ party has narrowly lost the Czech Republic’s parliamentary election days after the populist leader had to contend with revelations from the Pandora Papers,

As Americans Demand Tax Reforms, Analysis Finds Top 1% Hold More Wealth Than Whole Middle Class

By comparison, in 1990 the top 1% held just 17% of the nation’s wealth—less than half of the middle class’ 36%. As the bombshell Pandora Papers continue to expose dubious details about how the world’s superrich hide their fortunes and avoid paying their fair share of taxes, Bloomberg on Friday published an analysis of U.S. Federal Reserve data revealing that Americans in

Ireland set to agree historical minimum corporate tax rate

Ireland is expected to adopt a 15% minimum corporate tax rate after several months of negotiations with the Organisation for Economic Co-operation and Development (OECD). Sources close to Irish Finance Minister Paschal Donohoe say the Irish government “needs certainty around the rate”, and assurances that Ireland won’t be forced to increase it further. Much of

Ahead of election, Pandora Papers cast shadow over Czech PM

Andrej Babis, who denies allegations about his offshore dealings, is under pressure from Czechs, politicians and media. With days to go until national elections in the Czech Republic, Prime Minister Andrej Babis is trying to shake off criticism following allegations about his business dealings in the Pandora Papers. In the headline-grabbing leak published on Sunday, which

Pandora Papers: Qatar ruling family avoided £18.5m tax on London super-mansion

The Qatar ruling family bought two of the UK’s most expensive houses in a deal that allowed them to avoid £18.5m in stamp duty, leaked documents show. The family bought the properties in central London via offshore companies for over £120m and applied to make them into a 17-bedroom “super-mansion”. There is no suggestion that

The Pandora Papers: How the world of offshore finance is still flourishing | Four Corners

In a major international investigation, Four Corners reveals the secrets of the Pandora Papers. For months, more than 600 journalists from around the world, including the ABC, the Washington Post and the BBC, have been working with the International Consortium of Investigative Journalists on this top-secret investigation. One of the biggest data leaks in history,

America’s billionaires pay an average income tax rate of just 8.2%, Biden administration says

The wealthiest 400 families in the United States are paying an average income tax rate of just 8.2%, according to a new analysis from the Biden administration. President Joe Biden and Democrats are pushing to raise taxes on the richest Americans as they look for ways to pay for their ambitious agenda, making its way through Congress