What the Panama Papers Actually Show | Cato Institute

What the Panama Papers Actually Show | Cato Institute: "First, it should be noted how few Americans were included in the Panama Papers. Out of the data released so far, the consortium of journalists studying the papers has identified only 211 people with U.S. addresses, and not all of these people are American citizens. There are no Americans among the so-called “Power Players,” a list that includes 140 politicians from more than 50 countries. In fact, according to University of California–Berkeley economist Gabriel Zucman, even if you cast a wider net, looking at offshore financial assets worldwide, U.S. citizens and companies keep only about 4 percent of their wealth offshore, tying us with Asia for the lowest percentage. By comparison, Europeans stash 10 percent of their wealth offshore, Latin Americans move 22 percent out of their countries, and Russians keep an overwhelming 52 percent in overseas accounts. Even Canadians hold more than twice as much of their financial assets offshore as Americans."



"What is surprising, though, is the number of government officials and aides — and their relatives — who have apparently accumulated vast fortunes, and often in countries that self-consciously preach equality, even socialism."



"One needs to ask how government officials — who, unlike businessmen and entrepreneurs, create nothing and generate no wealth for society — are among the richest people in their supposedly egalitarian countries."