Hoarding and black money is a problem plaguing many of the world economies in the present times. Powerful and corrupt people hoard money by illegal means and send it out of the country using unlawful methods, so that they cannot be traced as the owners of the black money. The malpractice of black money acts as a hindrance in the development of the economy, as the hard earned money, which could otherwise be used for productive tasks, goes out of the country, in the accounts of such dishonest people.
Here is the list of top 10 black money countries in the world:
10. United Arab Emirates
The last name on the list is that of UAE, with its black money touching $ 107 billion. The GDP growth rate here is 4.9% and business tax rate is 14.9%.
Featuring on number 9 in the list of top 10 black money countries in the world is Indonesia, with the black money figure of $ 109 billion. The GDP growth rate is 6.5 % while the business tax rate is 34.5 %.
Next on the list, with a black money outflow of $ 123 billion, is India. Here, the GDP growth rate is 6.5% and the business tax rate is 61.8%.
On number 7 among the top black money countries in the world is Nigeria, where the black money figure reaches $ 129 billion, besides a GDP growth rate of 6.7% and business tax rate of 33.8 %.
Net on this list is Philippines, which has an illegal black money outflow of $ 138 billion, along with GDP growth rate of 3.7% and business tax rate of 46.6%.