Top 10 Countries With Largest Black Markets In The World
The black market is often best described as the illegal underground trade of goods and services without the involvement of state laws. Also known as the “underground economy” or “black economy,” these black markets are elusive and have no legal basis. High-tech weapons, gold, medicine, drugs, human body parts are all illegally traded without state supervision, which seems to be much worse than just posing a danger. dangerous.
This illegal trade is not linked to any specific state; in fact, it has become a global phenomenon that destroys everything and every power that stands in its way.
Countries in underdeveloped areas of the world are mostly considered hubs of these black markets due to the lawlessness there, but it is quite difficult to believe that countries with The largest black markets are the most developed countries in the world. world. world. Topping the list is the United States, followed by China and Mexico.
Below are the ten countries with the world's largest illegal markets, discussed based on the estimated net worth of their underground market economy.
Top 10 Countries with Largest Black Markets in the World
- Russia
- United Kingdom
- India
- Canada
- Japan
- Italy
- Spain
- Mexico
- China
- United States
1. Russia
The former global superpower has always created a base for its illegal cross-border business activities. The Russian black market has excelled in providing the best high-tech machinery and weapons, generating huge profits, which is why the total amount is estimated to reach 49.09 billion USD. Becoming the 10th country with the 10th largest black market. It is so prevalent in Russian society that it is also considered Russia's second largest economy.
2. United Kingdom
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According to a recent report, about half of UK bank notes are held on the black market. A significant amount of cash circulates among major players on the black market. The UK's black market is estimated to be worth around $61.96 billion. This black market gives rise to the arms and weapons trade, making it the ninth black market in the world.
3. India
India is one of the largest countries in Southeast Asia and one of the most populous countries in the world. The growth of the underground black market has been widely observed.
Billions of black money were transferred to Swiss accounts by corrupt businessmen, politicians and officials. The total size of the country's black economy is about $68.59 billion, making it the third largest black market in Asia.
4. Canada
According to recent reports published by the Canada Revenue Agency (CRA), the total amount of clandestine illegal trade amounted to approximately $77.83 billion, which is the highest in history. This amount is nearly equivalent to 2.3% of the country's GDP.
Most troublemakers are people who do not pay taxes to the government and carry out illegal transactions within or across the country. Canada is the seventh state with the world's largest black market.
5. Japan
The size of the Japanese black market has decreased since the late 1990s but is still considered the sixth largest black market in the world, worth $108.3 billion.
By the early 1990s, Japan's illegal economy had reached its peak, making the underground economy equivalent to 25% of the country's nominal GDP, but with the passage of the following two criminal laws During this period, conditions became very unfavorable for the illegal trade of goods.
6. Italy
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The sub-economy in Italy accounts for 17.4% of GDP, posing a major threat and obstacle to the development of the country's real economy. The figures reveal that Italy's illicit economy is estimated to be worth $111.05 billion. The past decade has proven to be a turning point in the expansion of the domestic black market; it has grown to become the fifth largest in the world.
7. Spain
Rampant corruption in Spain is behind the expansion of the country's black market. This has caused huge losses to the current country's economy and caused a major crisis. According to one estimate, the underground economy is worth $124.06 billion, accounting for 24.6% of the state's total GDP.
8. Mexico
Located outside the US border, Mexico is a state that does not strictly apply important laws. The expansion of the black market from one end of the border to the other is therefore significant. The Mexican territory is the birthplace of a number of illegal commercial activities through unverified trafficking of drugs or toxic chemicals.
Mexico's black market industry is worth approximately $126.0 billion, making it the third largest in the world, accounting for the expansion of the illegal trade.
9. China
The second emerging superpower also emerged as the country with the world's second largest black economy. Recent figures reveal that the net value of the underground economy is estimated at around $261 billion, much smaller than the US illegal economy. However, she won 2nd place on the rankings thanks to her illegal business activities around the world. .
10. United States
The United States of America is the country with the largest number of black markets in the world. It is said to have the world's largest black economy, worth about $625.63 billion, almost double the size of China's black economy.
It is the center of many illegal transactions, arms trafficking, drug trafficking, technology, human trafficking and much more. In fact, the higher the economy of a country, the more it attracts smugglers from all over the world as they can gain maximum benefits.
