Wealthy Scandinavians are not immune from tax evasion

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Recent analysis of data leaked from HSBC Switzerland and from Panama based lawyer firm Mossack Fonseca revealed the ultra-rich Scandinavians, with net worth assets of US$40m and above, were under-declaring their income by 30% on average.

Scandinavian countries have the highest tax rates on companies and individuals in order to support its generous welfare system. It looks like that not all wealthy Scandinavians are happy to contribute to state coffers …