Factually! with Adam Conover

How the Wealthy Hack the World with Atossa Araxia Abrahamian

Nov 6, 2024

01:02:31

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Atossa Araxia Abrahamian, a journalist and author of "The Hidden Globe: How Wealth Hacks the World," joins to unveil how the ultra-wealthy exploit global systems to evade taxes. She reveals Geneva’s allure as a tax haven and discusses the shady tactics used by billionaires, including loopholes and exploitation of maritime laws. The conversation also touches on the concept of seasteading and its implications for societal escape. Atossa shares insights on the impact of wealth on governance, urging listeners to recognize the growing disparities fueled by these financial strategies.

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Quick takeaways

The ultra-wealthy exploit global tax avoidance strategies, leading to an annual loss of $200 billion that primarily harms developing nations.

Tax havens like Switzerland not only attract affluent individuals with favorable laws but also perpetuate wealth concentration and hinder resource redistribution.

The introduction of special economic zones enables the wealthy to bypass regulations, demonstrating a concerning trend of wealth dictating its own rules globally.

Deep dives

Wealth and Tax Evasion on a Global Scale

The wealthy evade taxes extensively, resulting in a staggering loss of $200 billion annually. This issue transcends national boundaries, negatively impacting less developed countries most heavily affected by the financial practices of the ultra-rich. In regions like Africa, substantial tax avoidance by the wealthy could fund essential services, such as education, ensuring every child receives schooling. The discussion reveals how affluent individuals exploit international laws and systems to navigate around tax obligations, benefiting financially at the expense of public welfare.

Intro

5min

Geneva: A Financial Sanctuary for the Wealthy

10min

The Hidden Structures of Wealth and Power

5min

The Wealthy’s Playground: Navigating Laws and Loopholes

15min

Exploring AI's Practical Applications and the Allure of Seasteading

4min

Navigating New Nations: The Seasteading Dream

18min

Global Governance and Corporate Influence

11min

Recognizing Reality: Insights from 'The Hidden Globe'

2min

We all know the ultra-wealthy look for ways to dodge paying taxes, but when you have enough money, this game goes global. From Swiss bank accounts to international business consultants, there’s an entire network dedicated to helping the rich hide their money and avoid paying their fair share. This week, Adam sits down with journalist and author Atossa Araxia Abrahamian to discuss her book, The Hidden Globe: How Wealth Hacks the World, and uncover the shady tricks the wealthy are using on a global scale. Find Atossa's book at factuallypod.com/books

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