Richest 1% of people own nearly half of global wealth, says report

The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.

Swiss bank pleads guilty to US tax evasion, fined $2.6bn

Swiss bank Credit Suisse pleaded guilty Monday to the charge that it facilitated wealthy Americans who sought to commit tax evasion, becoming the first major bank to admit criminal wrongdoing in over 20 years and agreeing to pay $2.6 billion in fines.

Swiss banks to hand over staff names in US tax row: Report

ZURICH: Switzerland will allow banks to hand over the names of any employees and other third parties who helped wealthy Americans evade taxes to US prosecutors, a Swiss newspaper reported on Saturday.