Beyond Panama Papers: How the Super-Rich Still Hide Oceans of Wealth

Ten years after the explosive revelations of the Panama Papers, a new report from Oxfam paints a stark picture of how extreme wealth inequality and tax evasion have only deepened. According to the analysis released on April 2, 2026, the richest 0.1 percent of people now hold more untaxed wealth in offshore accounts than the combined wealth of the poorest half of the global population of about 4.1 billion people.

Oxfam estimates that $3.55 trillion in untaxed wealth was hidden offshore in 2024. That figure surpasses the entire GDP of France and is more than twice the combined economic output of the world’s 44 least-developed countries.

Even more striking, about 80 percent of this offshore wealth belongs to the wealthiest 0.1 percent — with the ultra-rich 0.01 percent controlling nearly half of it.

A Decade After the Panama Papers

“The Panama Papers pulled back the veil on a shadow world where the richest quietly move immense fortunes beyond the reach of taxes and scrutiny,” said Christian Hallum, Oxfam International’s Tax Lead. “Ten years on, the super-rich are still sequestering oceans of wealth in offshore vaults.”

The report underscores that this is not just a question of creative accounting, but of power and impunity. When billionaires hide fortunes offshore, governments lose critical funding for hospitals, schools, and infrastructure. Ordinary people end up paying the price as the public sector is starved of resources and inequality grows ever wider.

The Global Cost of Evasion

While efforts such as the Automatic Exchange of Information system (AEOI) have made some progress in curbing untaxed offshore holdings, these gains have not benefited everyone equally. Many developing countries, those that need tax revenue most, are still excluded from AEOI participation.

As a result, untaxed offshore wealth remains stubbornly high, equal to about 3.2 percent of global GDP. For countries in the Global South, the lost revenue means fewer teachers, weaker health systems, and slower economic development.

A Call for Coordinated Action

Oxfam’s findings come as a clear call for coordinated international action to rein in extreme wealth and close the loopholes that allow the ultra-rich to hide assets offshore. The organization urges reforms that make global tax systems more transparent and equitable — ensuring that the wealthiest contribute fairly to societies from which they benefit.

As the world reflects on a decade since the Panama Papers, the question remains: will this new spotlight on offshore wealth finally lead to meaningful change, or will the richest continue to live by a different set of financial rules?

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