The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions

by Chuck Collins

For decades, a secret army of tax attorneys, accountants and wealth managers has been developing into the shadowy Wealth Defence Industry. These 'agents of inequality' are paid millions to hide trillions for the richest 0.01%.

In this book, inequality expert Chuck Collins interviews the leading players and gives a unique insider account of how this industry is doing everything it can to create and entrench hereditary dynasties of wealth and power. He exposes the inner workings of these "agents of inequality", showing how they deploy anonymous shell companies, family offices, offshore accounts, opaque trusts, and sham transactions to ensure the world's richest pay next to no tax. He ends by outlining a robust set of policies that democratic nations can implement to shut down the Wealth Defence Industry for good.

This shocking expos� of the insidious machinery of inequality is essential reading for anyone wanting the inside story of our age of plutocratic plunder and stashed cash.

Genres: Economics, Nonfiction, Business, Finance, Audiobook, Money, Politics

305 pages, Kindle Edition

Published March 29, 2021

About the author

Chuck is the director of the Program on Inequality at the Institute for Policy Studies, where he co-edits Inequality.org. He oversees a number of programs focused on wealth inequality, the racial wealth divide, and philanthropy reform.

Reviews

[Larry Bassett · Rating 5 out of 5]

This book was published in 2021, but the story begins in 1983 when Chuck Collins realized he was going to inherit a substantial amount of money at the age of 25. He had to choose which road he was going to go down as a wealthy individual. This book is a startling story of the decision that he made, the path he chose, and the results of his decision.

I have spent a good deal of my time as a war tax resistor, choosing to refuse to pay federal income taxes, because of the amount of money that goes to the military and war. As a participant and organizer in this relatively small US movement, I have been forced to learn more than I would like to know about the US taxation system. I suspect that Chuck Collins found himself in a similar position when he decided that he was going to break the major rule of wealth, which is “don’t spend the principal”!

This is an amazing book of Hope and possibilities that talks about one of the subjects that has become more front and center in the US in recent years: the accumulation of wealth at the top.

[Grant · Rating 4 out of 5]

A very good general overview without spending too much time on some of the more boring aspects of the financial complexities in hiding wealth.

[Guillaume · Rating 3 out of 5]

Too skimpy on details. Will try The Finance Curse next.

[WiseB · Rating 4 out of 5]

The author, who inherited significant family wealth but gave it away to good causes, revealed the inner workings of how the wealthiest 0.1 percent hoard their wealth for themselves and their future generations by means of trusts; non-charitable foundations; shell corporations; and anonymously owned assets ... via channels like tax haven states; bank accounts in secrecy jurisdictions; countries or states with laws allowing non-disclosure of beneficial ownership for limited companies; opaque trusts without disclosure of the true beneficiary ... plus the help and services from Wealth Defense Industry (WDI) professionals including lawyers, accountants, tax advisors, lobbyists, wealth managers and family offices.

The last chapter in the book provides some solutions to wealth hiding ...

• Transparency against money laundering
• Corporate taxation and governance
• Disclosure of beneficial ownership of real estate
• Disclosure of beneficial ownership
• Shutting down tax haven USA
• Closing individual wealth-hiding practices in trusts and loopholes
• Enforcing global standards

Unless one is a layman in this WDI, the means and tools for the wealth hoarding should not be any surprise or not-heard-of practices ... Implying the suggested solutions are not unknown to those who can make an effort to fix the problems. One can deduce that there are various vested interest parties who do not want to see this happen ... especially the monetary reduction in terms of the professional fees charges and lobbying money spent on involved parties, not to mention the illegal money for bribery etc.

[Brian Weisz · Rating 3 out of 5]

Attempts to expose the industry around defending and hiding the wealth of the 0.01%, but I was mostly just bored.

[Elwin Kline · Rating 1 out of 5]

Probably the most negative, one-sided, agenda oriented, anti-right/pro-left books I have ever touched.

"I did not like it."

1 out of 5 star rating, with a worst-in-class tag.

In no particular order:
- Opens book with an Anti-Trump kick-off right off the bat.
- Villainizes the wealthy and rich via narrative/story telling angle
- Villainizes those who support the rich in any way shape or form
- Uses race card, Christianity angle, and openly states his anti-right stance

I cannot believe how disgustingly awful this book is.

If you want to blame the color of the skin and your great-great-grand parents choices in life, and use this as an excuse for your current financial status and the state of your personal criminal record - you'll love this book.

If you are hard Left - this book is for you.

If you believe that all rich people are evil and being poor is unfair and has nothing to do with personal accountability - man, you'll tear this one up.

If you want to listen to a *grown* man throw a temper tantrum similar to my 2-year-old over and over in a loop of anti-rich, anti-right, negativity - grab this today!

You will walk away with absolutely nothing positive, thought provoking, beneficial, or anything worthwhile whatsoever from this book.

Again, definitely one of the absolute worst books I have ever touched.

Avoid this at all costs.

[Dennis Hogan · Rating 4 out of 5]

Finished The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions by Chuck Collins, an interesting book by the heir to a great midwestern fortune who turned his back on his wealth and has become a champion of reform. The schemes outlined in the book to avoid tax responsibility and pass down dynastic wealth are obscene. Additionally, the “race to the bottom”, that US States and worldwide tax havens strive for in reducing/eliminating tax and cloaking all activity in secrecy is putting the burden on the lower 99% of citizens. Collins describes the lawyers and accountants who work in this field as the Weather Defense Industry and it generally is not a flattering picture. The US has become a haven for oligarchs and dictators from around the world to keep their money safe. I was most outraged by the secret real estate purchases by unidentified trusts that drive up the local markets and then 30% of those apartments and condominiums are never occupied. They exist purely as safe investments. Eye opening

[RJ · Rating 3 out of 5]

Ill gotten gains from fraud I agree should be seized to remedy the victims. Any money used in commerce or investing should also be taxed with existing law. I do not agree one generation should be taxed when passing it on to the next. Assuming those other taxes have been taken when the money was earned. That is not always the case, and a one time penalty (or jail time) is appropriate. I would focus more on that common ground. Principally people who hard for their kids to have a better life and should be able to pass on what they have earned.

[Barbara J · Rating 3 out of 5]

Extremely important subject but not the best writing style; very disjointed and duplicative yet does not give enough information on certain subjects, for example - philanthropy. My overall concern is that this is somewhat one-sided. So, if you're really concerned about these issues, bear in mind that you might not be getting the full story from this book.

[John Hively · Rating 4 out of 5]

Excellent, well-written, well-researched book on a topic not often discussed, and that is wealthy families have developed their own corporations to help hide their money from the tax man. At least $24 trillion have not been taxed because of all the loopholes created by the wealth defense industry and their politicians in public office.

[Courtney · Rating 3 out of 5]

I struggled with how to rate this book between 3 or 4 starts. It is one of the most biased books I have ever read, however, I don't disagree with the veracity of its claims. I do think it's problematic though that most of the book is spent railing against certain professions when the solutions chapter was, rightfully, more systems oriented. One of the things I think the book did particularly well is explain the connection between (foreign) investment in ultra luxury real estate and gentrification.

On a different note, the quality of the print edition was low. Many pages looked as though the ink had been run twice so it had an almost blurry quality that was hard to read.

[Letecia · Rating 4 out of 5]

I had never thought about how billionaires hide their money before listening to this book. Just wow, good to know. I hope many will learn what they do so we can change the way money is moved, held, hoarded, etc. Crimes against humanity for sure.

[Nancy Wagner · Rating 3 out of 5]

Some chapters were repetitious. Overall I learned some things. One of which is, this is not going to be solved any time soon!

[Jeevan · Rating 4 out of 5]

Quick yet informative read on what happens with the 0.001 percenters of the world.
The book could have used better formatting and editing.

[Jaan Liitmäe · Rating 3 out of 5]

It was OK`eish - a bit too much selling of his own world-view but it`s authors right anyway.

[Jason Bailey · Rating 2 out of 5]

The book's title implies the satisfaction of being told important secrets, and it does pull back the curtain on wealth management. But too long and often stultifying, it's written like the tax code.

[Eduardo Vara · Rating 5 out of 5]

Un texto necesario que muestra una realidad que muchos desconocen y que, por sus consecuencias, explica mucho de las circunstancias en que debemos desempeñar nuestras profesiones y de por qué nos cuesta tanto reunir dinero para pagar nuestros gastos básicos.