How the Top 1% Hoard Their Cash Offshore

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Aug. 7 (Bloomberg) -- Bloomberg’s Matthew Miller and Olivia Sterns discuss the top billionaires offshore financial wealth and the difficulty of tracking down their assets. They speak with Betty Liu on “In The Loop.” (Source: Bloomberg)

Bloomberg news editor matt miller joins us.

Olivia, start with you on this confirmation for a lot of people that a lot of the wealth is not counted.

Basically the story is that we have been lowballing the ultra-wealthy around the world.

The reason is because their fortunes span continents.

Any of them are in various access -- various assets and they are hard to measure.

The top 1% also deliberately puts money into offshore accounts and are not responding to questioners about how much cash they have.

What is also interesting, if you look at who is courting the most wealth and keeping it offshore in terms of share of wealth, it is the gulf countries and russia in terms of overall volume.

Your job is to dig out that data and that money from these billionaires.

That's right.

One of the ways you do it, you do not just hold off shore accounts, you move your entire company.

We are talking about large private companies.

One way to stay under the radar is to put your money into a charitable foundation -- ikea's founder does that.

Dieter schwarz, who owns one of the largest discount read -- discount retail fortunes in germany, is able to elude the wealth hunters by holding it into these special entities that do not necessarily just point to him.

You find most of the hidden billionaires are in boring industries?

For a reporter like myself or the people who work with me, a boring industry like potatoes or food or manufacturing -- not talking tech or -- those industries tend to be more ripe for hidden wealth than tech, where you have swoons of reporters.

And they are spending it more flamboyantly.

Tech has a wonderful reputation for saying something is worth far more than it

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change