The number of Greeks entering billionaire-status is on the climb, a study finds, despite the growing impoverishment of the country’s masses.
According to an annual report published by the WEALTH- X Agency, compiled with the assistance of UBS Swiss Bank, there are currently 11 Greek billionaires in the world, two more than in 2013. The total value of their property amounts to 14 billion euros, up from 12.4 billion euros in 2013.
At the same time, several international organizations have found conclusive evidence of unreported wealth and tax evasions among this world billionaire class. Estimates of “Global Financial Integrity” are difficult to verify, but remain shocking nonetheless. In 2003-2011, an estimated 203 billion euros was withdrawn from Greece, much of it connected to corruption, criminal activity and tax evasion.
A French court has concluded that 1.1 billion euros in foreign-held UBS accounts requires further investigation. It has asked account holders to provide proof that their desposits are unrelated to tax evasion.
Strikingly, a UBS senior bank executive has said that these figures will be available by the end of the year – with the notable exception of Greek and Italian account holders. He did not specify the reason for this exception.
The Greek Finance Ministry has an obvious interest in cataloguing these accounts. By most estimates, Greek-held deposits in Swiss accounts run upwards of 60 billion euros. Efforts by the Greek state to reach a bilateral agreement with these account holders has reached a deadlock; the problem, which plagues European tax-collection at large, is expected to require an EU-imposed solution.
According to the Tax Justice Network’s “transparency index,” Switzerland is estimated to hold 2.1 trillion euros in foreign-held accounts. This is approximately one quarter of total worldwide banking assets and 820% of the country’s GDP.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
