Table of contents:Acknowledgements
Foreword: Nicholas Shaxson
Prelude 1983: Discovering the Money River
Prelude 2004: The Blue Hippo Swindle
Prelude 2020: The Theft of Angola
Introduction
Chapter 1: The High Cost of Hidden Wealth
Chapter 2: Who Are the Wealth Defenders?
Chapter 3: Tools in the Wealth Hiding Toolbox
Chapter 4: All in the Family Office
Chapter 5: The Wealth Hiding in Your Neighborhood
Chapter 6: Directly Engaging the Wealth Defense Industry
Chapter 7: Solutions to Wealth Hiding
Conclusion: A Time for Bold Action
Epilogue: Grads, Don’t Work for the Billionaire Wealth Defense
Industry
Reading and Resource List
Notes
Chuck Collins is a senior scholar at the Institute for Policy Studies in Washington, DC, where he directs the Program on Inequality and coedits Inequality.org. His previous books include Born on Third Base and Wealth and Our Commonwealth (with Bill Gates Sr.)
“It is no great surprise anymore that we are facing the greatest
crisis in income and wealth inequality that we have seen since the
1920s. What is shocking is the sprawling system of corruption that
the ultra-rich have designed in order to hoard their unimaginable
wealth at the expense of everyone else. Chuck's book reveals not
only the inner workings of this elaborate scheme to hide more than
$20 trillion in wealth, it offers us a blueprint for reversing this
obscene inequality so we can take back our democracy and ensure
that our government works for everybody—not just the billionaire
class and wealthy campaign contributors.”
Senator Bernie Sanders “This book, a primer to the secrets of the
money river, is an essential reformers’ handbook for navigating
these dangerous times now facing us – and future generations.”
Nicholas Shaxson, author, The Finance Curse and Treasure
Islands "Skillfully blends personal narrative with social
scientific research to create unique insights into a world of
privilege that is ordinarily out of sight and out of mind for the
rest of us."
Brooke Harrington, Professor of Sociology at Dartmouth College.
Author, Capital without Borders: Wealth Managers and the One
Percent “The Wealth Hoarders reveals that a whole parallel
world exists in which the rich and powerful enjoy the freedom to
avoid not just taxes but all kinds of laws they find inconvenient.
Accepting the existence this parallel world means putting democracy
at risk.”
Frederik Obermaier, author of The Panama Papers: Breaking the
Story of How the Rich and Powerful Hide Their Money “This vital and
expertly written book reveals the epic scale of theft
occurring legally and in plain sight. Theft that destroys public
services, removes access to housing and for which the poorest pay
the highest price. The authors reveal how the fountain of wealth
gushes ever upwards, we are all paying the price, some of us with
our lives, as the wealth defence industry siphons off
trillions. Chuck Collins is tireless in his determination to
uncover the vicissitudes of the extremely wealthy. If you
aren't already angry about inequality, then read this book. If
you aren't angry enough to take action by the end of it, then
you either work in the WDI or you are one of the 0.1 per cent.”
Dr. Wanda Wyporska, Executive Director, The Equality Trust, UK
“Chuck Collins shines a light on the powerful and pervasive “Wealth
Defense Industry,” showcasing what it is and how it is entrenched
in the ‘ecosystems’ that perpetuate the growing and harmful
inequality of our time, and that the COVID19 pandemic has further
unveiled. Collins brings his exceptional research, insights
and experience to this informative piece that not only underscores
the urgency for real systemic reform to reverse what can be an
avoidable race-to-the-bottom, but helps unpack key leverage points
for real change.”
Abby Maxman, President and CEO Oxfam America “Chuck Collins reveals
how the superrich are different than the rest of us. While
government takes out taxes before we get paid, the wealthiest avoid
taxes with trusts, evade taxes with help from tax haven governments
and escape the IRS because Congress hobbles tax law enforcement.
Collins, who rejected the privilege of his birth, explains in plain
English how wealth hoarding works and shows how we can stop this
costly corruption.”
David Cay Johnston, Pulitzer Prize winning journalist and author
of Perfectly Legal and Free Lunch “Once again, Chuck
Collins proves that building a better world is well within our
reach. There is more than enough money to fund the societal
transformation needed for equity, well-being, and a safe climate.
It’s just hiding in the wrong places. With The Wealth Hoarders, we
now know where to look.”
May Boeve, Executive Director, 350.org “Collins gives us a rare
insider’s view of the hidden wealth of the 0.1% and how the Wealth
Defense Industry maintains inequality. This helps explain how
concentrated wealth results in mass asset poverty and the path to
building an economy that builds wealth for all, not just the
wealthy.”
Dedrick Asante-Muhammad, Neighborhood Reinvestment Coalition of
America
“Chuck Collins’ Wealth Hoarders provides an invaluable
perspective on the Architecture of Inequality. Through
personal insights and thoughtful research he documents the
extraordinary sums of hidden money in financial secrecy
jurisdictions. Most importantly, he sets forth a realistic
blueprint for essential reforms that can inform our strategies and
actions as we work towards real economic justice and security.”
Conrad Martin, Executive Director, Fund for Constitutional
Government. “We won’t be able to effectively tax billionaires if
they are hiding trillions in dynasty trusts. This useful book
explains how to shut down the hidden wealth system in order to
build a fairer tax system."
Frank Clemente, executive director, Americans for Tax Fairness
“Join inequality expert Chuck Collins in his riveting investigation
of the secret world of the “Wealth Hoarders,” who are paid by the
world’s richest people to protect private wealth. For years, I have
used Collins’ books to teach my students about the hidden world of
untouchable wealth, because nobody else writes so electrically and
entertainingly about global plutocracy. In this book, Collins
tracks down trillions of dollars that can be used to replenish our
“common wealth” and solve our greatest justice crises.”
Charles Derber, Professor of Sociology, Boston College, author
of Moving Beyond Fear and Glorious Causes. “We can’t
have a fair tax system while millionaires and billionaires are
hiding trillions of wealth in the shadows. This book is
essential to fixing our broken tax system.”
Erica Payne, cofounder and president, Patriotic Millionaires and
author of Tax the Rich
“Everyone should read The Wealth Hoarders to understand
the secret world of the super-rich. Chuck’s painfully
beautiful description of the Wealth Defense Industry lifts the veil
to this intricate, maniacal ecosystem set in motion centuries ago
and provides critical truths to help us all decolonize wealth.”
Edgar Villanueva, author, Decolonizing Wealth: Indigenous
Wisdom to Heal Divides and Restore Balance
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