via Pew Research: Remittance Flows Worldwide in 2012

Remittance Flows Worldwide in 2012

U.S. top sending country; India top receiving country

Click above for full interactive

Remittance U.S. 2012

“Remittances” are funds or other assets sent to their home countries by migrants, either themselves or in the form of compensation for border, short-term and seasonal employees (World Bank, 2013). Total remittances received by a country, as reported by the World Bank, include remittances sent via formal channels, such as banks and other businesses that transfer money. Data in this interactive are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund nations (World Bank, 2013). If unofficial remittances were counted, the total could be as much as 50% higher or more, according to household surveys and other evidence cited by the World Bank (World Bank, 2005). Remittance data are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund (World Bank, 2013). Remittance flows presented in this map are based in part on World Bank estimates derived from a statistical model, and therefore are subject to some error. For more information, see (Ratha and Shaw, 2007) Incoming remittance flows from specific countries might not add to the total due to World Bank being unable to identify the source of some of the remittance inflows.

Source: World Bank 2012 Bilateral Remittance Matrix.

Advertisements

CNN: ‘Hidden income’ makes China’s rich wealthier than thought

china-rich-poor-story-top

Hong Kong (CNN) — China’s urban rich are making far more than they officially report, suggesting the wealth gap in the world’s second largest economy is much higher than previously thought, according to a new study.

The China Society of Economic Reform released a survey Monday that found “gray income” was 6.2 trillion yuan (U.S. $1 trillion), or 12% of GDP. “Gray income” can range from illegal cash from kickbacks to unreported income and gifts.

“The result has highlighted expanding social inequalities and policy issues surrounding official corruption and income distribution,” said Wang Xiaolu, who led the research for the CSER, in an article in Caixin Online. “The richer the household, the more likely it receives shadow income.”

The study comes a day after Bo Xilai, a once high-flying politician, was sentenced to life in prison for bribe-taking,15 years for embezzlement and seven years for abuse of power. Bo is appealing the verdict.

The CSER surveyed 5,344 urban families in 18 Chinese provinces. The results suggest the top 10% of households earn nearly 21 times more than the poorest 10%. The National Bureau of Statistics places income disparity far lower, saying China’s wealthiest make 8.6 times more than its poorest. “China is in a dangerous zone as one the most unequal countries in the world,” Wang wrote.

The survey found that rich families gain 80% of their wealth from business and on average “have decent gains” in stock markets, whereas most middle and lower income families lose cash in the capital markets, Wang said. “We can’t rule out that some of these business gains are problematic, or even illegal, because many survey takers count kickbacks as business gains,” he wrote.

Much of the high gray income is linked to the loose credit handed out between 2009 and 2010, Wang wrote, as well as the rapid increase of government investment during the same period.

“To stop widening income disparity and unfair allocation, in addition to anti-corruption campaigns, there needs to be gradual but firm progress in economic, political and social reform that moves the country closer to the rule of law with public scrutiny over administrative power,” he said.

via Report: ‘Hidden income’ makes China’s rich wealthier than thought – CNN.com.