“Oxfam estimates that perhaps $3.55tn is still shielded from tax – worth more than 3% of global GDP.”

“Estimates from previous research suggest 80% of this wealth, or more than $2.84tn, is likely to be owned by the richest 0.1% of households.”

“That would mean this tiny group hold untaxed assets equivalent to the total wealth of the poorest half of the global population.”

“The research was released to mark 10 years from the publication of the Panama Papers, an investigation which exposed the inner workings of tax havens.”

“Oxfam is part of a global campaign to mobilise calls for a global progressive wealth tax, including through negotiations at the UN on a framework for tax cooperation.”

“Oxfam calls for countries in the global south to be included in the Common Reporting Standard – the system that allows for information exchange between jurisdictions.”

“The UK-based charity is calling on Labour to implement a wealth tax. The chancellor, Rachel Reeves, has already increased taxes on wealth, by raising the rate of capital gains tax, levied when assets are sold, and announcing a new council tax surcharge for properties worth more than £2m.”