China’s Rich Have $1.1 Trillion in Hidden Income
August 12th, 2010
From Bloomberg:
China’s households hide as much as 9.3 trillion yuan ($1.4 trillion) of income that is not reported in official figures, with 80 percent accrued by the wealthiest people, a study showed. The money, much of it likely “illegal or quasi-illegal,” equates to about 30 percent of China’s gross domestic product, the study, conducted for Credit Suisse AG and published last week by the China Reform Foundation, found.
Global Financial Integrity found a very high share of its illicit flows figure coming out of China:
“Asia accounts for approximately 50 percent of overall illicit financial flows (Charts 6 and 7) from developing countries and normalization of the estimates does not significantly alter this picture. The large volume of illicit outflows from China (mainland) is behind Asia’s dominance in overall illicit financial flows from developing countries.”
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Originally posted on the Tax Justice Network blog.