Income Inequality Media Articles
Below are key excerpts of revealing news articles on income inequality from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
According to the World Health Organization definition, 1.9 billion adults are considered overweight. Of these, more than 650 million people are classified as obese. In Australia, health authorities suggest being overweight is more dangerous to us than alcohol, and only second in “preventable health risk” to smoking. ABS health data claims 67% of Australian adults are overweight, an increase on 63.4% a decade ago. Last year, Australia’s former conservative government released a “National Obesity Strategy”, concerned Australia was facing health risks of cardiovascular disease, type 2 diabetes, and cancers. That government did recognise weight is influenced by complex “social, environmental, and economic factors”, but their framework of encouraging “healthy choices” as a remedy unhelpfully individualises a collective problem. First, shaming individuals into weight loss doesn’t work. 95% of weight loss attempts fail. Two-thirds of dieters regain the weight they lose. Second, the structural giveaway here is an admission that the poorest “experience the greatest burden of disease linked to excess weight”. Our societies have never produced so much food, yet we live in a capitalist perversion where fresh, healthy food – and the time to prepare it – are priced as a luxury, while highly processed items are inexpensive, easy and aggressively mass-marketed. It’s not a failure of collective willpower that’s jeopardising our health, but a diet of bad food that’s culturally familiar, low in nutrition and super available.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
According to Oxfam’s annual inequality report, released to coincide with the World Economic Forum meetings in Davos, the richest 1% of people have captured nearly twice as much new wealth as the rest of the world combined since the pandemic. Their fortune soared by $26tn, increasing their share of new wealth from 50% to two-thirds. The breakdown of these figures exposes how on a global basis, extreme wealth is accumulated not by innovating or increasing production, but by taking advantage of rising prices and exploiting labour. This has been happening for a while, but the pandemic accelerated the trend. Rich people benefited from everything – every positive intervention from the state and negative impact of the crisis somehow still ended up increasing their wealth. They benefited from rising costs by using them as an alibi to charge higher-than-inflation prices, then distributing the rewards as dividends instead of higher wages. Food and energy corporations made a killing, making $306bn in windfall profits in 2022, then distributing 84% to shareholders. Wealthy people have used their wealth to purchase democracy, to warp democracy in their own interests. They’ve done that through a global template that involves lowering taxes, privatising formerly public attempts to deal with common problems, liquidating the spending that went into things like social services, and then putting that money into their own pockets. The system ... is rigged.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
Oxfam has called for immediate action to tackle a post-Covid widening in global inequality after revealing that almost two-thirds of the new wealth amassed since the start of the pandemic has gone to the richest 1%. In [a] report to coincide with the annual gathering of the global elite at the World Economic Forum in Davos, the charity said the best-off had pocketed $26tn (£21tn) in new wealth up to the end of 2021. That represented 63% of the total new wealth, with the rest going to the remaining 99% of people. Oxfam said extreme concentrations of wealth led to weaker growth, corrupted politics and the media, corroded democracy and led to political polarisation. The report called on governments to introduce immediate one-off wealth levies on the richest 1%, together with windfall taxes to clamp down on profiteering during the global cost of living crisis. Subsequently, there should be a permanent increase in taxes on rich. In support of its call for redistribution of wealth, Oxfam said: Food and energy companies had more than doubled their profits in 2022, paying out $257bn to wealthy shareholders at a time when more than 800 million people were going hungry. Only 4 cents in every dollar of tax revenue came from wealth taxes, and half the world’s billionaires lived in countries with no inheritance tax. A tax of up to 5% on the world’s multimillionaires and billionaires could raise $1.7tn a year, enough to lift 2 billion people out of poverty, and fund a global plan to end hunger.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Job growth and wages are slowing. This is music to the ears of Federal Reserve chair Jerome Powell, because the Fed blames inflation on rising wages. The Fed has been increasing interest rates to slow the economy and thereby reduce the bargaining power of workers to get wage gains. But aren’t higher wages a good thing? The typical American worker’s wage has been stuck in the mud for four decades. Most of the gains from a more productive economy have been going to the top – to executives and investors. The richest 10% of Americans now own more than 90% of the value of shares of stock owned by Americans. Powell’s solution to inflation is to clobber workers even further. But if the demand for workers exceeds the supply, isn’t the answer to pay workers more? Not according to Powell and the Fed. Their answer is to continue to raise interest rates to slow the economy and put more people out of work, so workers can’t get higher wages. The Fed projects that as it continues to increase interest rates, unemployment will rise to 4.6% by the end of 2023 – resulting in more than 1m job losses. The problem isn’t that wages are rising. The real problem is that corporations have the power to pass those wage increases – along with record profit margins – on to consumers in the form of higher prices. If corporations had to compete vigorously for consumers, they wouldn’t be able to do this. Competitors would charge lower prices and grab those consumers away.
Note: The above was written by former US Secretary of Labor Robert Reich. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.
Douglas Rushkoff’s new book, “Survival of the Richest: Escape Fantasies of the Tech Billionaires,” opens with a surreal scene: For a fee equal to one-third of his annual salary as a professor, Rushkoff flies to a luxurious resort to advise five ultrawealthy men on how to survive the collapse of civilization. More terrifying than the men’s Hollywood-derived nightmares is their naive and profoundly antisocial response: They’d rather optimize their bunkers than work to avert the apocalypse. While few have the means to indulge dystopian fantasies so lavishly, the men are an extreme instance of a broader trend. Bunker sales in America are soaring, and the market now caters to a range of income levels, from $40,000 starter bunkers to a nearly $10 million Luxury Series “Aristocrat” that offers a pool and a bowling lane. Many people now seem fixated on stockpiling enough money to protect themselves from the rest of the world, rather than considering the sort of world they are creating by making money in these ways. Rushkoff ... calls this dynamic the “Insulation Equation.” Anyone who asks some version of the question — can I earn enough money doing X to insulate myself from the effects of doing X — is considering the Insulation Equation. The Insulation Equation is a provocative and illuminating concept, and Rushkoff devotes much of the book to tracing the manifestations and origins of a mind-set that seduces people into believing they can insulate themselves from harms they help create.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
The most important economic and political issues facing this country are the extraordinary levels of income and wealth inequality, the rapidly growing concentration of ownership, the long-term decline of the American middle class and the evolution of this country into oligarchy. We know how important these issues are because our ruling class works overtime to prevent them from being seriously discussed. We now have more income and wealth inequality than at any time in the last hundred years. Wages ... are lower today than they were almost 50 years ago. When I was a kid growing up, most families were able to be supported by one breadwinner. Now an overwhelming majority of households need two paychecks to survive. Since 1975, there has been a massive redistribution of wealth in America that has gone in exactly the wrong direction. Over the past 47 years, according to the Rand Corporation, $50tn in wealth has been redistributed from the bottom 90% of American society to the top 1%, primarily because a growing percentage of corporate profits has been flowing into the stock portfolios of the wealthy and the powerful. During this terrible pandemic ... some 700 billionaires in America became nearly $2tn richer. Just three Wall Street firms (Blackrock, Vanguard and State Street) control assets of over $20tn and are the major stockholders in 96% of S&P 500 companies. In terms of media, some eight multinational media conglomerates control what we see, hear and read.
Note: The above was written by Sen. Bernie Sanders. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Social scientists have made it a priority in recent years to understand upward mobility. Money itself is ... important. Other factors — like avoiding eviction, having access to good medical care and growing up in a household with two parents — may also make upward mobility more likely. Now there is another intriguing factor to add to the list, thanks to a study ... in the academic journal Nature: friendships with people who are not poor. “Growing up in a community connected across class lines improves kids’ outcome,” [said] Raj Chetty ... one of the study’s four principal authors. The study ... compares two otherwise similar children in lower-income households — one who grows up in a community where social contacts mostly come from the lower half of the socioeconomic distribution, and another who grows up in a community where social contacts mostly come from the upper half. The average difference between the two, in terms of their expected adult outcomes, is significant. It’s the same as the gap between a child who grows up in a family that makes $27,000 a year and one who grows up in a family that makes $47,000. There seem to be three main mechanisms by which cross-class friendships can increase a person’s chances of escaping poverty. The first is raised ambition: Social familiarity can give people a clearer sense of what’s possible. The second is basic information, such as how to apply to college and for financial aid. The third is networking, such as getting a recommendation for an internship.
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Whether dodging taxes or legal peril, wealthy Americans often succeed in concealing assets from the government by hiding their money in offshore bank accounts. Research from the IRS and a group of economists last year found that the top 1% of earners in the U.S. neglect to report 20% of their income — and that random audits almost never detect offshore accounts. Tax havens like Switzerland or the Cayman Islands have traditionally offered Americans a place to hide their assets because they fiercely guard financial privacy and have minimal to no taxes. Often, they also have laws that inhibit scrutiny from foreign tax officials. Prior to his latest book, [author Patrick Radden] Keefe published "Empire of Pain," which chronicled the billionaire Sackler family's connection to the nation's opioid epidemic. The Sacklers, the notorious family that owned the now bankrupt Purdue Pharma, reportedly have much of their wealth hidden in offshore accounts. An audit commissioned by Purdue showed the family withdrew more than $10 billion from their company during the opioid crisis, CNN reported in October 2020. They began drawing especially large amounts of money from the firm after paying $600 million in a 2007 plea deal with the Justice Department for misleading physicians and consumers about the opioid OxyContin, CNN reported. “The kind of sophistication of the whole industry of financial dissimulation ... such that nobody can put their hands on the money, is really interesting.” Keefe told Yahoo Finance.
Note: A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of financial industry corruption news articles from reliable major media sources.
The wage gap between chief executives and workers at some of the US companies with the lowest-paid staff grew even wider last year, with CEOs making an average of $10.6m, while the median worker received $23,968. A study of 300 top US companies released by the Institute for Policy Studies (IPS) on Tuesday found the average gap between CEO and median worker pay jumped to 670-to-1. The ratio was up from 604-to-1 in 2020. Forty-nine firms had ratios above 1,000-to-1. At more than a third of the companies surveyed, IPS found that median worker pay did not keep pace with inflation. The report ... comes amid a wave of unionization efforts among low wage workers and growing scrutiny of the huge share buyback programs many corporations have been using to inflate their share prices. US companies announced plans to buy back more than $300bn of their own shares in the first quarter of the year and Goldman Sachs has estimated that buybacks could top $1tn in 2022. Share-related remuneration makes up the largest portion of senior executive compensation and as buybacks generally boost a company’s share price, they also boost executive pay. The biggest buyback firm was home improvement chain Lowe’s, which spent $13bn on share repurchases. That money could have given each of its 325,000 employees a $40,000 raise. Instead, median pay at the company fell 7.6% to $22,697. IPS noted that many of the companies in its sample were also the recipients of large federal government contracts.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the corporate corruption and income inequality from reliable major media sources.
The Covid-19 pandemic has been good for the wallets of the wealthy. Some 573 people have joined the billionaire ranks since 2020, bringing the worldwide total to 2,668, according to an analysis released by Oxfam on Sunday. That means a new billionaire was minted about every 30 hours, on average, so far during the pandemic. The report, which draws on data compiled by Forbes, looks at the rise of inequality over the past two years. It is timed to coincide with the kickoff of the annual World Economic Forum meeting in Davos, Switzerland, a gathering of some of the wealthiest people and world leaders. Billionaires have seen their total net worth soar by $3.8 trillion, or 42%, to $12.7 trillion during the pandemic. A large part of the increase has been fueled by strong gains in the stock markets, which was aided by governments injecting money into the global economy. Much of the jump in wealth came in the first year of the pandemic. It then plateaued and has since dropped a bit. At the same time, Covid-19, growing inequality and rising food prices could push as many as 263 million people into extreme poverty this year. Billionaires in the food and agribusiness sector have seen their total wealth increase by $382 billion, or 45%, over the past two years, after adjusting for inflation. Some 62 food billionaires were created since 2020. Forty new pandemic billionaires were created in the pharmaceutical industry, which has been at the forefront of the battle against Covid-19 and the beneficiary of billions in public funding.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
After her longtime partner died of kidney cancer, federal agents knocked on Gail Deckman’s door outside Chicago and told her she was in trouble: She had kept thousands of dollars in Social Security disability benefits that should have stopped when he died. The inspector general’s office, which investigates disability fraud and tries to recoup money for the government, ultimately charged her $119,392 — nearly three times what she received in error. The inflated fees were set in motion during the Trump administration, when attorneys in charge of a little-known anti-fraud program run by the inspector general’s office levied unprecedented fines against Deckman and more than 100 other beneficiaries without due process. The escalating penalties created a giant jump — at least on paper — in the amount of money the inspector general could show lawmakers it was bringing in. A Chicago woman was fined $132,000 after wrongly receiving as much as $10,618 in benefits. A Denver woman was sanctioned $168,000 after cashing as much as $14,960 in wrongly received checks. The remarkable penalties led to tumult inside the Office of Inspector General Gail Ennis, where a whistleblower was targeted for retaliation, according to a ruling this month. [Deborah] Shaw testified that she was shocked when she was directed in early 2019 to issue a penalty of $176,000 to a woman who had already written a check for $26,000 to repay the government the entire amount she had wrongly received in disability benefits.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
The audit rate for Americans earning more than $5 million a year plunged to just over 2% in 2019 from over 16% in 2010, according to a recent report from the Government Accountability Office, a federal watchdog. The report estimated that taxpayers underreported their income tax by a combined $245 billion a year between 2011 and 2013, and said that "taxpayers are more likely to voluntarily comply with the tax laws if they believe their return may be audited." The main reason for the decline, according to the report, is a lack of IRS funding. In fiscal year 2021, the agency's budget was $11.9 billion – $200 million less than its 2010 budget. The IRS also has seen its staffing levels fall to the same levels as 1973. The decline in funding and auditors means that taxpayers, and especially the top earners, are far less likely to get caught underpaying their taxes than a decade ago. Overall audit rates for American taxpayers fell to 0.2% in 2019 from 0.9% in 2010. The wealthy are still audited at a higher rate than the general taxpayer population. Yet their audit rates have declined at a much higher rate. The audit rate for taxpayers earning between $5 million and $10 million fell to 1.4% from 13.5%. Those earning more than $10 million saw their audit rate fall to 3.9% in 2019 from 21.2% in 2010, while audit rates for $10 million-plus earners ticked up slightly for the 2017 and 2018 tax years due to a Treasury Department mandate to impose audit rates of at least 8% on those making $10 million or more.
Note: For more along these lines, see key news articles on the financial industry from reliable major media sources.
As inflation shot to a new peak in March, cost increases exacted a deep toll on the economy. But for many of the US’s largest companies and their shareholders it has been a very different story. A Guardian analysis of top corporations’ financials and earnings calls reveals most are enjoying profit increases even as they pass on costs to customers, many of whom are struggling to afford gas, food, clothing, housing and other basics. The analysis of Securities and Exchange Commission filings for 100 US corporations found net profits up by a median of 49%, and in one case by as much as 111,000%. Those increases came as companies saddled customers with higher prices and all but ten executed massive stock buyback programs or bumped dividends to enrich investors. In earnings calls, executives detailed how even as demand and profits rose post-vaccine, they passed on most or all inflationary costs to customers via price increases, and some took the opportunity to add more on top. Margins – the share of sales converted into profits – also improved for the majority of the companies. The Guardian’s findings are in line with recent US commerce department data that shows corporate profits rose 35% during the last year and are at their highest level since 1950. Inflation, meanwhile, rose to 8.5% year over year in March. The Guardian’s data ... objectively shows a massive “transfer of wealth” from consumers, who pay higher prices, to shareholders and investment firms.
Note: Meanwhile global poverty has skyrocketed. Do the billionaires really care? For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
In 1981, Malcolm Forbes, the eccentric and fabulously wealthy magazine publisher, came to his editors with a request: Could they pull together a special issue about the 400 richest Americans? The resulting reporting project took a year, dozens of flights and thousands of interviews. At the top of the very first Forbes 400 list was Daniel K. Ludwig, a shipping magnate, estimated by the magazine to be worth more than $2 billion. Adjusted for inflation, that’s now at least $5.8 billion, a fortune that would land Ludwig in a seven-way tie for the 182nd spot on the last Forbes 400 list, alongside Fred Smith, the founder of FedEx; Gary Rollins, chief executive of Rollins, Inc., which owns several pest-control companies; and who could forget Peter Gassner, the head of a cloud-software company called Veeva. Since 1987, Forbes has published another list, which started smaller but has grown to be much larger: the World’s Billionaires List. The magazine just published this year’s edition, with a staggering 2,668 names. The task of gathering information for both lists is overseen by Kerry Dolan, an editor at Forbes, in a highly collaborative effort that involves at least 92 different reporters from all over the organization, including from the company’s many internationally licensed editions — Russia, Poland, Mexico and more. The 2022 World’s Billionaires list ... grew by 573 names compared with the last prepandemic list, in 2020. That year, the world was minting new billionaires at a rate, Forbes noted, of about one every 17 hours.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
The pandemic has made the rich richer while the income of the rest of the world – about 99% of humanity – dropped, according to a new Oxfam report titled "Inequality Kills." The wealth of the world's 10 richest men doubled from $700 billion to $1.5 trillion during the pandemic, the global charity said on Monday. "It has never been so important to start righting the violent wrongs of this obscene inequality by clawing back elites' power and extreme wealth including through taxation – getting that money back into the real economy and to save lives," said Oxfam International's Executive Director Gabriela Bucher. A 99% windfall tax on the pandemic gains of the world's 10 richest men would raise enough money to pay for vaccines for the world – as well as finance various social measures for more than 80 countries, the report said. The wealth of billionaires rose more since Covid started compared to the last 14 years, and a new billionaire was minted every 26 hours since the pandemic began. The CEOs of Covid vaccine-developers Moderna and BioNTech made billions in 2020 as a result of the pandemic. At the same time, the vast majority of the population are worse off after losing income during Covid-19, and 160 million more people fell into poverty. One way to "claw back" the huge gains made by billionaires during the crisis is to tax the money that billionaires have made since the start of the pandemic. Even after the tax, the world's 10 richest men would still be billionaires.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
The pandemic has made the world's wealthiest far richer but has led to more people living in poverty, according to the charity Oxfam. Lower incomes for the world's poorest contributed to the death of 21,000 people each day. But the world's 10 richest men have more than doubled their collective fortunes since March 2020, Oxfam said. Oxfam typically releases a report on global inequality at the start of the World Economic Forum meeting in Davos. That event usually sees thousands of corporate and political leaders, celebrities, campaigners, economists and journalists gather in the Swiss ski resort for panel discussions, drinks parties and schmoozing. However for the second year running, the meeting (scheduled for this week) will be online-only after the emergence of the Omicron variant derailed plans to return to an in-person event. Danny Sriskandarajah, Oxfam GB's chief executive, said the charity timed the report each year to coincide with Davos to attract the attention of economic, business and political elites. "This year, what's happening is off the scale," he said. "There's been a new billionaire created almost every day during this pandemic, meanwhile 99% of the world's population are worse off because of lockdowns, lower international trade, less international tourism, and as a result of that, 160 million more people have been pushed into poverty." "Something is deeply flawed with our economic system," he added.
Note: BBC sadly fails to mention it is not the pandemic that has caused all of this, but the lockdowns. 21,000 a day, which is one million every 50 days, died as a result of the lockdowns. 160 million humans fell into poverty a result of these lockdowns, not to mention the huge increase in suicides, murders, domestic abuse, shuttered small businesses, and more. Even if a million lives were saved by the lockdowns, was it worth these tremendous costs? For more, see summaries of deeply revealing news articles on the coronavirus from reliable media sources.
The coronavirus pandemic has led to a new era of inflation inequality, economists warn, in which poor households bear the brunt of rising prices. That’s because a bigger portion of their budget goes toward categories that have spiked in cost. Food is up 6.4% over the past year, for example, while gasoline jumped a whopping 58%. And now many people are facing those higher prices as federal stimulus programs fade away. “They’re essentially looking to stretch a dollar most days,” said Chris Wimer ... at Columbia University. “It’s going to lead to difficult choices between putting gas in the car or paying for your kids’ child care or putting food on the table.” A recent analysis by the Penn Wharton Budget Model found that low- and middle-income households spent about 7% more in 2021 for the same products they bought in 2020 or in 2019. That translates into about $3,500 for the average household. Meanwhile, pandemic-related production disruptions have driven up the costs of commodities that poor households rely on. The findings dovetail with an analysis [by] economist Alberto Cavallo. He showed that low-income consumers experienced price increases that were roughly double those of wealthier ones. In 2019, a joint paper from researchers at Columbia and the London School of Economics estimated that about 3 million more people would qualify as living in poverty if their incomes were adjusted for the inflation rates they experience.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Closures from COVID-19 have affected 1.6 billion children worldwide. Nearly two years into the pandemic, experts say the economic costs are in the trillions and the social costs are incalculable. $17 trillion. That's how much the pandemic could cost children around the world in terms of lost lifetime earnings. The number comes from a new report by the United Nations and the World Bank. Closed schools combined with the economic crashes all around the world not only means lost learning, it means students driven into the workforce. And some of them are going to stay there. So that all translates to children learning fewer basic skills, which makes them less qualified for higher-waged jobs. And that is how they get that estimate of $17 trillion of lost wages potentially over the lifetimes of these children. UNESCO actually has a really simple benchmark, which is can a child, by the age of 10, read a sentence in their native language? And if they can't, they call that learning poverty. And they found that even before the pandemic, more than half of the children in low- and middle-income countries couldn't do that. And now learning poverty is projected to potentially reach up to 7 in 10 of those children. UNICEF says that 10 million more girls around the world could be forced into child marriage in the next decade as one of the most unusual cascading impacts of the pandemic. Essentially, they've run out of options for survival. So this is really a human toll that they're talking about here.
Note: The media continually blame the many harmful effects of the lockdown on COVID. The virus did not cause these problems, the lockdowns did. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
After years of declines, America’s middle class now holds a smaller share of U.S. wealth than the top 1%. The middle 60% of U.S. households by income ... saw their combined assets drop to 26.6% of national wealth as of June, the lowest in Federal Reserve data going back three decades. For the first time, the super rich had a bigger share, at 27%. The data offer a window into the slow-motion erosion in the financial security of mid-tier earners. That continued through the Covid-19 pandemic, despite trillions of dollars in government relief. While “middle class” has different meanings to different people, many economists use income to define the group. The 77.5 million families in the middle 60% make about $27,000 to $141,000 annually, based on Census Bureau data. Their share in three main categories of assets - real estate, equities and private businesses - slumped in one generation. That made their lives more precarious, with fewer financial reserves to fall back on when they lose their jobs. The top 1% represents about 1.3 million households who roughly make more than $500,000 a year - out of a total of almost 130 million. Over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total, Fed data show. A generation ago, the middle class held more than 44% of real estate assets in the country. Now it’s down to 38%. The pandemic ... led to soaring rents this year, which hurt those who can’t afford a house.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
The secret wealth and dealings of world leaders, politicians and billionaires has been exposed in one of the biggest leaks of financial documents. Some 35 current and former leaders and more than 300 public officials are featured in the files from offshore companies, dubbed the Pandora Papers. They reveal the King of Jordan secretly amassed £70m of UK and US property. They also show how ex-UK PM Tony Blair and his wife saved £312,000 in stamp duty when they bought a London office. The couple bought an offshore firm that owned the building. The leak also links Russian President Vladimir Putin to secret assets in Monaco, and shows the Czech Prime Minister Andrej Babis - facing an election later this week - failed to declare an offshore investment company used to purchase two villas for £12m in the south of France. It is the latest in a string of leaks over the past seven years, following the FinCen Files, the Paradise Papers, the Panama Papers and LuxLeaks. The examination of the files is the largest organised by the International Consortium of Investigative Journalists (ICIJ), with more than 650 reporters taking part. Some figures are facing allegations of corruption, money laundering and global tax avoidance. But one of the biggest revelations is how prominent and wealthy people have been legally setting up companies to secretly buy property in the UK. The documents reveal the owners of some of the 95,000 offshore firms behind the purchases.
Note: Read about the Panama Papers leak that previously shed light on the tax havens of the elite. For more along these lines, see concise summaries of deeply revealing news articles on financial corruption and income inequality from reliable major media sources.
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