Private philanthropy and remittances from the developed to the developing world in 2008 totaled nearly twice the amount of government aid, a new report says.
Private giving and remittances - money sent by immigrants in the U.S. back to their home countries — totaled $233 billion in 2008, compared to $121 billion in government aid, says the 2010 Index of Global Philanthropy and Remittances published by the Center for Global Prosperity at the Hudson Institute in Washington, D.C.
U.S. philanthropy to developing countries, including contributions from foundations, corporations, private and voluntary groups, individual volunteers, religious organizations, and colleges and universities, totaled $37.3 billion in 2008, up slightly from $36.9 billion in 2009.
That compares to $26.8 billion in aid from the U.S. government to developing countries.
Remittances alone from the U.S. to developing countries totaled $96.8 billion in 2008, the biggest outflow ever from the U.S. to developing countries.
Remittances from all countries to developing countries totaled $336 billion in 2008, up 17 percent from 2007.
“We have documented how private resources are transforming developing countries and challenging foreign aid to be more effective and collaborative,” Carol C. Adelman, director of the Center for Global Prosperity at the Hudson Institute, says in a statement to Philanthropy Journal.com
The Center for Global Prosperity provides a platform—through conferences, discussions, publications, and media appearances—to create awareness among U.S. and international opinion leaders, as well as the general public, about the central role of the private sector, both for-profit and not-for-profit, in the creation of economic growth and prosperity in any country.
The Center’s core product is the new annual Index of Global Philanthropy and Remittances, which details the sources—and magnitude of private giving to the developing world.
Download the Executive Summary of the 2010 Index here (PDF)
Value is the only commonality in an increasingly complex, challenging and interdependent world.