Offener Brief von Ökonomen an die G20-Staaten, 19.4.2022 (engl. Originalfassung)
Since the beginning of the pandemic, the world’s 10 richest men have doubled their fortunes, while a new billionaire has emerged every 26 hours. However, it is often impossible to know where much of this wealth is, as it is often hidden through elaborate structures either to avoid paying taxes or to hide money generated by corruption and illegal activities. The case of the Russian oligarchs speaks for itself. According to some estimates, they hold at least $1 trillion in wealth abroad, often concealed in offshore companies whose true ownership is hard to determine. On this wall of opacity, the efforts of the countries that want to sanction these are now stumbling.
Tax havens hinder the ability of governments to impose sanctions, and this inability hinders the international rule of law which enables our countries to coexist. Everywhere, populations are exhausted after two years of the Covid-19 pandemic and its dramatic economic and social consequences. Russia's invasion of Ukraine has aggravated this already-worrisome context, with soaring energy and food prices, the return of an arms race, and the fear that the confrontation will become even more destructive.
As leaders of the planet's most important countries, you have a responsibility to make urgent decisions to prevent the world from sliding into chaos. And you also have a golden opportunity to do so. The pandemic and the war in Ukraine showed our economies’ lack of resilience, in both emerging and developed economies. They also revealed to the world the extent of inequality and wealth hidden in tax havens by the richest in our societies. This extreme wealth concentration is undermining our democratic principles. When some of those ultra-rich use their power to evade their tax obligations, they deprive states of precious resources and impoverish the rest of society.
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