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Leveraging the Power of Diaspora
Saturday, May 16th
Through their active participation in decades of impact investment, the Rockefeller Foundation and Aspen Institute concluded that:
- One area where they saw and we continue to see great opportunity is in mobilizing the amazing energy, passion, and financial power of the diaspora. Global remittances represent $414 billion in capital flows to developing countries. That’s three times the amount of official foreign aid received by these countries. The Indian Diaspora alone is estimated at more than 30 million people, with nearly 5,000 high-net worth individuals worth more than $30 million each.
- But despite this incredible wealth of capital, dollars are not yet being translated into true economic development, because they are focused on individual families. Imagine what even 5 percent of those remittances could do a school in India?
- To meet this need, the Rockefeller Foundation and the Aspen Institute have partnered to create the Rockefeller-Aspen Diaspora Program, or RAD. RAD will leverage both the power of technology and the demonstrated promise of impact investing.