In 2015, researchers based in Brazil, India, Nigeria, Norway and the USA published Financial flows and tax havens: combining to limit the lives of billions of people, which they fairly claim to be “the most comprehensive analysis of global financial flows impacting developing countries compiled to date.” Their report calculates ‘net resource transfers’ (NRT) between developed and developing countries, combining licit and illicit inflows and outflows—from development aid and remittances of wages to net trade receipts, debt servicing, new loans, FDI and portfolio investment and repatriated profits, along with capital flight and other forms of financial chicanery and outright theft. They found that in 2012, the most recent year for which they could obtain data, what they call ‘developing and emerging countries’ (which of course includes China) lost $2.0 trillion in net transfers to rich countries, equivalent to 8% of emerging nations’ GDP in that year—four times larger than the average of $504 billion in NRT transferred annually from poor to rich countries during the first half of the 2000s. When informed estimates are included of under-invoicing and other forms of rip-off and criminality that leave no statistical trace, NRT from poor countries to imperialist countries in 2012 exceeded $3 trillion, around 12% of poor nations’ GDP.
More generally, they report that “both recorded and unrecorded transfers of licit and illicit funds from developing countries have tended to increase over the period 1980-2011”. As for Sub-Saharan Africa, they report that NRT from this continent to imperialist countries (or tax havens licensed by them) between 1980 to 2012 totalled $792bn, that illicit transfers from Africa to imperialist countries as a proportion of GDP are higher than from any other region, and that capital flight from Sub-Saharan Africa is growing by more than 20 percent per annum, faster than anywhere else in the world.
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