That corporations and billionaires evade taxes by stashing their money offshore is hardly a revelation of course.
The Paradise Papers come about a year and a half after the Panama Papers — a leak of 11.5 million documents from the Panamanian offshore service provider Mossack Fonseca.
These leaks do however provide an insight into the world of global economic elites and the rise of what is essentially an international plutocratic class.
‘Appleby operates in a rarefied universe of U.H.N.W.I.’s — the industry’s abbreviation for ultra-high-net-worth individuals — where yachts and private jets are preferred transport and mansions sit empty because their owner has several others’ The New York Times reports.
‘The ranks of the superrich are growing fast – fueled by legitimate fortunes in finance – trade and technology — as well as drugs – embezzlement and bribery.
And the offshore finance industry has grown alongside its customers’ accounts’.