Brand new documents termed the ‘Paradise Papers’ have revealed the shocking extent of the UK’s hidden wealth. The 13.4 million documents have been leaked from a secretive offshore finance group called Appleby.
The German newspaper Süddeutsche Zeitung broke the report on Sunday to the shock of many implicated by the contents. As with last years ‘Panama Papers’, the leak provides an extensive insight into the establishments connections to offshore wealth.
So far high-profile politicians, multinationals and celebrities have been implicated. Most shockingly of all even the Queen of England. The report shows that a whopping £10 million of the Queen’s money is invested offshore in the Cayman Islands.
Another high profile person featured in the report is Trump’s head of commerce Wilbur Ross. He is alleged to have significant investments in a Russian company that is currently sanctioned by the US government. This will undoubtedly accelerate rumours of illegal collusion between the Trump administration and Russia.
According to the Tax Justice Network the super-rich have hidden up to $21 Trillion offshore. Of this money 80% is owned by the top 0.1% of households globally according to the National Bureau of Economic Research. Most of these offshore arrangements are entirely legal indicating many named in the report are unlikely to face any legal action.