There Are High Rates of Emigration to the Developed World
The developing world is exporting not only products and services to the developed world, but also people. The foreign-born population in the U.S. rose to 31 million people in the last census in 2000, up 57 percent from 1990. These immigrants are in touch with family and friends back home. Globally, immigrants sent home an estimated $93 billion in 2003, second only to foreign direct investment as the largest financial flow from the developed to the developing world. While immigrants are formally a part of developed markets, they are part of something much bigger. These global diasporas are redefining the borders of markets and creating social networks that stretch across the developed and developing world.