PCI board member Chuck Collins and his recently released book The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions were discussed in the New York Post.

From the article:

“Over 35 percent of the 443 condominiums are owned by shell companies and trusts, and almost 80 percent of the unit owners do not claim a residential exemption, indicating that the condo is not their primary home,” writes Collins. “With average condominiums selling for over $4 million, Millennium Tower is not only a wealthy residence for the rich, but also a ‘wealth storage unit’ for global capital looking to park itself and hold value.”

Collins knows a little something about the ultra-wealthy. A great-grandson of cold-cut magnate Oscar Mayer, Collins inherited $500,000 at age 25 and gave it all away to charitable organizations. Since then, Collins, now 61, has spent his life educating and writing about the impact of wealth inequality.

His new book focuses on what he calls the Wealth Defense Industry (WDI), noting that not only do the ultra-wealthy — which he defines as the 0.1 percent — spend time and money ensuring they pay almost no taxes, but that there are over 90,000 professionals around the world whose careers are dedicated to helping them do so.