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Africa's Offshore Wealth: Feeding Inequality

Research from PERI's African Development Policy program is featured in this article in the Financial Times.

"During the boom years of the commodities supercycle, fast-growing African economies produced a growing class of millionaires and billionaires. 

Now, with the revelations of the Panama Papers, the rich and famous worldwide are squirming uncomfortably as their financial laundry gets a public airing.

Some of the documents released so far uncover illegal or scandalous conduct. But it may be revelations about the routine nature of offshore finance that have the most lasting impact. 

Africa has a particular problem with capital flight. Though difficult to track because of its secretive nature, between 1970 and 2010 an estimated $814bn flowed out of the continent, according to the Political Economy Research Institute at the University of Massachusetts. Much of this was moved by businesses, though private wealth also plays a part."

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