I think you would be surprised at how much of it is in LLCs in Delware or trusts in South Dakota, there are plenty of tax loopholes domestically as well, most people under hundred-millionaire status are not doing panama papers type stuff
As of 2019, the top 1% of household net worth in the U.S. starts at $11,099,166.
It depends what you mean by public records, if you’re a private investigator or really good at digging through records you can find things, but it’s not like it’s easy and even then it’s only the stuff that needs to be reported by law which is not a lot, the only reason I mentioned Delaware is it’s famous for being a destinination for LLCs which people use to hide their money
“You don’t really have to go to Panama or other tax havens. They are not the only ones making it possible for corrupt officials and other criminals to launder their money. You can do it in every state in the US,” explained Shah.
“In every state in the US, you can incorporate an LLC – [a limited liability company] – or another legal entity and you don’t have to disclose who the beneficiary on it is. In fact, Delaware is so synonymous with anonymous companies and ghost corporations that it was named in Transparency International’s Unmask the Corrupt campaign as one of the most symbolic cases of corruption.”
I think you would be surprised at how much of it is in LLCs in Delware or trusts in South Dakota, there are plenty of tax loopholes domestically as well, most people under hundred-millionaire status are not doing panama papers type stuff
Are the Delaware papers Public records?
Edit: and are those even the 1%
https://www.investopedia.com/financial-edge/1212/average-net-worth-of-the-1.aspx
It depends what you mean by public records, if you’re a private investigator or really good at digging through records you can find things, but it’s not like it’s easy and even then it’s only the stuff that needs to be reported by law which is not a lot, the only reason I mentioned Delaware is it’s famous for being a destinination for LLCs which people use to hide their money
https://www.theguardian.com/us-news/2016/apr/06/panama-papers-us-tax-havens-delaware
read more here if you’re curious
delaware too, the weird states exist to be banks