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Undervalued riches of top 1% point to greater global inequality -Jeanna Smialek

-Live Mint

Research shows the wealth of the super-affluent-hidden by tax shelters and non-response to questionnaires-is undercounted

Washington: The 1% is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality.

Research conducted separately by European Central Bank (ECB) economist Philip Vermeulen and the London School of Economics' Gabriel Zucman shows the wealth of the super-affluent-hidden by tax shelters and non-response to questionnaires-is under-counted. Correcting for similar lapses in income data almost erases progress made from 1988 to 2008 in narrowing the gap between the world's rich and poor, World Bank research found.

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