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Who has the most black money in the world?

Black money is referred to as funds, earned in black market, on which income and other taxes have not been paid. China tops the list with 139 billion USD outflow of black money per annum.

indiatoday.in - India is the fourth largest source of black money, says report

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According to the data provided by the Swiss Banking Association, India has more black money than the rest of the world combined. By India Today Web Desk: According to a recent report released by Global Financial Integrity (GFI) Illicit Financial Flows from Developing Countries, India is the fourth largest source of black money outflow. According to the report, 1.1 trillion USD flowed illicitly out of developing and emerging economies in the year 2013. According to the data provided by the Swiss Banking Association, India has more black money than the rest of the world combined.

The black money outflows are mainly credited to tax evasion, crime, corruption and other illicit activities. Black money is referred to as funds, earned in black market, on which income and other taxes have not been paid. Here are top five countries that have found a place in the black money outflow report:

China

China tops the list with 139 billion USD outflow of black money per annum. The number was around 258.64 billion USD in year 2013.

Russia

Russia is on the second number with 104 billion USD outflow of black money per annum.

Mexico

Mexico has been placed at the third position with 52.8 billion USD outflow of black money per annum.

India

Meanwhile, from India, 51 billion USD black money flowed out per annum. The outflow of black money from India to foreign countries increased nine-fold from 10 billion USD in 2003 to 94.7 billion USD in 2012. Notably, India's defence budget is less than 50 billion USD.

Malaysia

Last year, the country had ranked at the fifth position. In the evaluation period of 2012, 49 billion USD black money out flowed from the country. Interested in General Knowledge and Current Affairs? Click here to stay informed and know what is happening around the world with our G.K. and Current Affairs section.