The Hidden Wealth of Nations: The Scourge of Tax Havens Hardcover – September 22, 2015

This short but potent book is virtually the first treatment of the scourge of offshore bank accounts. Zucman’s expose maybe read in one or two sittings but contains a wealth of information on an issue discussed but little understood.There is a good reason why his book is so short. There are not a lot of solid information about this area because the subject is, well, hidden. THis is a netherworld of offshore banking, where, in addition to “wealth management,” a euphemism Zucman deciphers as “tax evasion,” the hallmark of this type of banking is secrecy. The wealthy utilize offshore accounts for the express purpose of squirreling away cash and to avoid paying taxes. To hide these assets even further, Zucman reveals that if not holding the deposits of these super-rich, which include not only individuals but corporations and other business entities, these offshore banks will manage mutual fund accounts for their clients held by other off shore entities.Zucman includes the global multinational corporations as the other main participants of this phenomenon. The multinationals use a different tax dodge, typified in a recent news story concerning Apple. Apple created controversy when it was revealed the corporation paid little corporate tax in the US (!), because its profits had been transferred to Ireland, all apparently legal moves. Zucman classifies this as another example of “hidden wealth.”We all pay the price for this skullduggery. The countries that can need the tax revenues the most for infrastructure and domestic purposes are the most prominent victims of these offshore activities. Zucman conservatively estimates that up to one tenth of the world’s wealth are held in offshore accounts, while countries such as Russia have to fifty percent of their GDP in offshore account.The most famous of these offshore accounts are in Swiss banks. Other locations exist in Hong Kong, Singapore, Cayman Islands, the Bahamas, and other locales. Zucman debunks several myths concerning Swiss banks.Zucman shines a light on a particularly nefarious business practice. This is required reading.

One Star: this book won't teach you how to hide your money!Yes, I'm joking.Hidden Wealth is an informed view into the current state of the movement of money out of taxable states into low to no tax hiding places.spoiler: those polite Swiss are still screwing the rich worldThe author proposes how to resolve this issue but without realistic considerations, eg: even more regulationFor a book that could be a very dry and academic the English language edition is written in beautiful prose. Kudos to the author and translator Teresa Lavender Fagan.

Zucman is a very accomplished economist that has creatively and persistently created a giant and rare data base on financial flows among nations. His creative accounting of portfolio investment solves many problems that have eluded the plodding efforts of governments and international financial institutions. His data and analysis is probably the closest we will ever come to a snapshot of offshore money.USA money in Luxembourg is a huge finding. The fact that caribbeans are just a conduit and not a tax shelter or a secret cache is another finding.A must read for investigators wondering where this money is resident. Don't look to Bermuda - look at Europe.

This book is very easy to read and entertaining! who doesn't get sucked into the history of secret Swiss banking? The hoard of secret wealth is shockingly large yet surprisingly not a surprise either. Great read and I feel i'm a much more informed citizen after having read this little gem. 5 stars

An excellent discussion of how the U.S. Is being deprived of taxes which must be made up by its citizens. To extract the full measure of its significance it must be read carefully. Important aids to understanding are the figures that summarize models in the narrative. Moreover, it provides a very practical method towards achieving the goal of taxing wealth that has been proposed in Piketty's "Wealth in the 21st Century".

Great book on the information pertaining to tax havens and those that run them. However, I wanted to re-enjoy this book by adding the audio to it as to enjoy it at work while I worked. It does not sync with by kindle eBook and I will not be downloading audible to enjoy this.

This easy to read, short and concise book takes a simple approach addressing the analysis of thax havens. If you have absolutely no idea of what or how a tax haven works, this book provides a simple yet precise explanation. The author suggests a few methods to measure the hidden wealth and solve the taxing issues, sacrificing depth probably to target at a broader audience, beyond economists and policy-makers. It's a good work to start a discussion on this topics.

This is a great little book that clears mud from the river of money flowing to tax shelter accounts overseas and how the loss of revenue from these accounts diminishes our treasury and worse weakens our ability as a nation to act in appropriate ways toward a host of growing problems.As you will see, we are not all in this together. We may be together physically but fiscally we are literally worlds apart.Highly recommended.