24 Sep, 2014 @ 08:30
1 min read

Europe’s super-rich may be even wealthier than official figures suggest

THE wealthiest people in the world may be even richer than official figures suggest, according to new data from the European Central Bank and London School of Economics.

With people hiding money in tax havens and refusing to answer questionnaires, economists now calculate that the wealth of the super-rich has been understated.

Joseph Stiglitz, a Nobel-prize winning economist, said: “We always suspected there was some low-balling of the top one percent.”

“There’s a growing sense that our system is rigged and unfair.”

Inability to gain better access to the true amount and distribution of wealth means policy makers and economists have a false understanding of the global monetary divide.

Imogen Calderwood

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