Ten years after the global scandal of the Panama Papers, Oxfam is raising concerns about the continued large-scale use of tax avoidance mechanisms, despite reforms introduced since 2016. The massive leak of documents at the time exposed how political, economic, and financial elites used offshore companies to hide wealth and evade taxes, triggering worldwide outrage.
According to a new analysis published to mark this anniversary, the ultra-rich are still exploiting these systems today. Oxfam estimates that around $3.55 trillion in wealth remains hidden in tax havens, with nearly 80% of it owned by just 0.1% of the global population. This extreme concentration means that untaxed wealth exceeds the combined assets of the poorest half of humanity, further deepening global inequalities.
Although some progress has been made since 2016 such as the automatic exchange of banking information between countries and stronger regulatory frameworks—these measures have not been sufficient to fully curb the problem. A significant share of financial flows still moves legally toward low-tax jurisdictions, taking advantage of regulatory loopholes and weak international coordination.
Oxfam also criticizes the limited effectiveness of current systems in addressing increasingly sophisticated tax optimization strategies. These include the use of shell companies, complex financial arrangements, and newer channels such as real estate and certain digital assets. The organization is calling for structural reforms, including the introduction of a global wealth tax, the creation of an international register of financial assets, and greater inclusion of developing countries in global tax transparency mechanisms.
A decade after the Panama Papers revelations, the overall picture remains mixed. While efforts to combat tax evasion have led to the recovery of billions in public revenue, they continue to face the influence of powerful fortunes and the complexity of the global financial system. For Oxfam, without stronger international cooperation and more binding measures, inequalities are likely to keep widening, undermining public finances and essential services in many countries.
