This is how U.S. states captured by the trust industry help the world’s wealthy hide their fortunes.
By Kalena Thomhave and Chuck Collins, Inequality.org
After Russia’s invasion of Ukraine this February, Ukraine’s allies zeroed in on a possible weak spot for the attacking country: the hidden fortunes of Russian elites. Russian wealth has been parked in assets such as homes, apartments, art, yachts, and more — from oligarch Igor Makarov’s private trust company in Wyoming to Igor Sechin’s superyacht docked in France. The world could join together to move against oligarchs and freeze Russian wealth hiding.
Oligarchy, however, is not confined to Russia. The clandestine world of financial secrecy stretches around the world, all the way back to the United States. And if Russian oligarchs can enjoy the tax haven of the United States, that means that elites from all over the world — including from the United States itself — can too.
Our research at the Institute for Policy Studies has shown that billionaire wealth has skyrocketed over the past several years, including during the pandemic. Since the start of the U.S. COVID-19 crisis in March 2020, known billionaire wealth has increased by more than 50 percent to nearly $5 trillion. And trillions more are probably secretly sequestered in trusts.
Recent Posts
Starbucks Workers Build Steam
Take Action Now Since last fall, the union effort has increased its capacity to exert pressure on the corporate mega-giant—including in a March 22…
Banking Crisis 3.0: Time To Change The Rules Of The Game
Take Action Now What constituted a radical departure from capitalist principles in the last financial crisis was not “nationalization” but an…
Behind The #StopCopCity Domestic Terrorism Warrants
Take Action Now “Most of the criminal defense lawyers I have spoken with are indicating that there is no individualized suspicion in any of these…
Here’s How The US Could Phase Out Fossil Fuels Fast
Take Action Now A new report lists 10 policies to constrain polluting infrastructure and achieve key climate goals. By Joseph Winters, Grist On…