from Wolf Street:
For a tiny country of just 500,000 inhabitants, the Grand Duchy of Luxembourg is getting a heck of a lot of international attention these days. And certainly not of the welcome kind. At the beginning of this week, the Washington-based International Consortium of Investigative Journalists (ICIJ) published tens of thousands of documents that finally shed light on one of the world’s most important and most secretive tax havens – at least until now.
The picture that emerges is one of endemic tax avoidance and evasion that has helped transform Luxembourg into the world’s richest country on a per capita basis. The country also boasts the world’s highest ratio of bankers to inhabitants – a staggering 1:21.
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