Tax havens serve no useful economic purpose and simply increase inequality, more than 300 leading economists have warned.

In an open letter to world leaders, the economists, including Nobel Prize-winner Angus Deaton and the Cambridge economist Ha-Joon Chang, say that while tax havens “undoubtedly benefit” rich individuals and multinational corporations, this benefit is at the expense of others.

The letter, organised by the charity Oxfam, comes ahead of this week’s anti-corruption summit in London where politicians from 40 countries as well as the World Bank and the International Monetary Fund representatives are expected to attend.

They claim that poorer countries are hit the hardest by tax dodging, losing out on $170bn (£118bn) a year as a result.

"We urge you to use this month's anti-corruption summit in London to make significant moves towards ending the era of taxhavens,” they write.

“The existence of tax havens does not add to overall global wealth or well-being; they serve no useful economic purpose.

"Whilst these jurisdictions undoubtedly benefit some rich individuals and multinational corporations, this benefit is at the expense of others, and they therefore serve to increase inequality."

The group, which includes 47 professors from British universities including Oxford and the London School of Economics, urged governments to "lift the veil of secrecy surrounding tax havens", and singled out the UK in particular.

"We need new global agreements on issues such as public country by country reporting, including for tax havens. Governments must also put their own houses in order by ensuring that all the territories, for which they are responsible, make publicly available information about the real 'beneficial' owners of company and trusts.

"The UK, as host for this summit and as a country that has sovereignty over around a third of the world's tax havens, is uniquely placed to take a lead."

10 of the biggest tax havens in the world Show all 10 1 /10 10 of the biggest tax havens in the world 10 of the biggest tax havens in the world Luxembourg There are an estimated £2.5 trillion shares of mutual funds registered in the Grand Duchy, £1 trillion of which cannot be traced to an owner 10 of the biggest tax havens in the world Cayman Islands The Cayman Islands contain 6% of the world's total banking assets, but just 0.000008% of its population 10 of the biggest tax havens in the world Isle of Man David Cameron has said the Isle of Man, where there is no corporation, capital gains or inheritance tax, should not be considered a tax haven 10 of the biggest tax havens in the world Jersey There are over £3.5 billion assets per square mile on the self-governing Channel Island 10 of the biggest tax havens in the world Ireland Ireland made headlines last year when it emerged Apple was registered in the country in order to dodge over £40bn in taxes 10 of the biggest tax havens in the world Mauritius The Mauritian government notionally charges corporation tax, but companies can easily make this back through generous tax credits for foreign businesses 10 of the biggest tax havens in the world Bermuda Google holds more than £30bn in offshore cash reserves, primarily via Bermuda 10 of the biggest tax havens in the world Monaco A popular domicile for super-rich private individuals, Monaco has the most expensive property in the world. £1 million will buy just 225 square feet 10 of the biggest tax havens in the world Switzerland Switzerland has such secretive banking laws that it took until the 1990s to secure the release of Nazi cash reserves 10 of the biggest tax havens in the world Bahamas David Cameron's father ran an offshore fund which hired Bahamas residents to complete paperwork, thus dodging British tax bills

Oxfam said that more than half of the companies set up by Mossack Fonseca, the law firm in the Panama Papers leak, were incorporated in British Overseas Territories such as the British Virgin Islands.

Jeffrey Sachs, director of Columbia University's Earth Institute and an adviser to UN Secretary General Ban Ki-moon, said: "Tax havens do not just happen. The British Virgin Islands did not become a tax and secrecy haven through its own efforts.