Immigrants in the U.S. sent over $148 billion to their home countries in 2017

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Remittances sent by immigrants living in the U.S. to their home countries in 2017.

A significant share of immigrants all over the world send part of their paycheck back to help their families in their home countries. When all of those payments are added together, the amount of money on the move every year is enormous and it competes with international aid as one of the biggest financial inflows to developing countries. According to recently published Pew Research Center data based on figures from the World Bank, it is estimated that the collective sum of remittance payments in 2017 came to $625 billion, a 7% increase from 2016 when the total was estimated at $586 billion.

In the United States alone, it is estimated that more than $148 billion was sent to individuals in other countries in 2017. Back in 2004, a study found that over 60% of the 16.5 million Latin American-born adults living in the country at that time sent money home on a regular basis. Pew’s analysis of the latest World Bank figures found that Mexico was the top destination country for U.S. remittance payments by far with over $30 billion sent home. China was a very distant second with $16.14 billion while India had the third-highest volume at $11.7 billion. The cashflow wasn’t just limited to developing countries, however, with South Korea and Germany coming in at number 11 and 12 on the list with $2.83 and $2.80 billion respectively in 2017.

Via Forbes

 

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55% of America’s billion dollar startups have an immigrant founder

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Uber logo seen on a car door in Kiev, Ukraine. Garrett Camp, an immigrant from Canada, is one of Uber’s founders. (Photo by Pavlo Conchar/SOPA Images/LightRocket via Getty Images)

What would America lose if we blocked refugees and family-sponsored and employment-based immigrants from coming to the United States? For starters, we would likely lose more than half of the billion-dollar startup companies in America.

A new study from the National Foundation for American Policy finds that 55%, or 50 of 91, of the country’s $1 billion startup companies had at least one immigrant founder. I conducted the research by interviewing and gathering information on the 91 U.S. startup companies valued at over $1 billion (as of October 1, 2018) that are not publicly traded on the stock market and are tracked by Dow Jones VentureSource and The Wall Street Journal.

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Two different types of migrations are driving population growth in U.S. cities

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America’s largest metro areas are currently gaining population at impressive rates. This trend is driving much of the population growth across the nation. But that growth is the result of two very different migrations – one coming from the location choices of Americans themselves, the other shaped by where new immigrants from outside the United States are heading.

 

 

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Canada approves a startup visa for immigrant entrepreneurs

Canada approves startup visa for immigrants.

The Citizenship and Immigration Canada (CIC), in partnership with the Canadian Venture Capital Association (CVCA) approved an official Start-Up Visa (SUV) pilot program for business class immigrants: the Start-Up Business class. The goal of the SUV program is to facilitate the immigration of a new type of immigrant entrepreneur to Canada with the potential to build innovative companies that compete on a global scale and create jobs for Canadians.

 

 

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Growing number of Taiwanese entrepreneurs are saying goodbye to the U.S., hello to China

Taiwanese entrepreneurs have begun to seek market opportunities outside the U.S. in the phenomenon called the reverse brain drain.

Many foreign entrepreneurs clamor at America’s gates to get a piece of the innovation incubator of Silicon Valley. But Jerry Chang,  a serial entrepreneur and Taiwanese immigrant, has done what most hopeful incomers would consider the unthinkable and taken his business offshore. In 2009, he established mobile payment company Mobile Radius. Rather than found the company in the U.S., let alone his native Taiwan, Chang decided to take his business to China. To many, his decision is a surprising one. Chang does not face the typical obstacles most immigrant entrepreneurs encounter. He acquired U.S. citizenship over two decades ago and has significant experience in the tech field. His first company, Clarent Corp., had boasted a client list of big-named companies like AT&T Worldnet, China Telecom, and Telstra.

 

 

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Difficulty of getting U.S. visas for immigrant entrepreneurs hobbles building businesses

The process of getting a visa is slow, expensive, time-consuming, and often unsuccessful.

It seemed like all of the stars were aligning for Jay Meattle in early 2010. He had raised several hundred thousand dollars from investors in Boston for his start-up, Shareaholic. And the company, which enables people to easily share online content they find interesting, had just passed the milestone of 1 million users.

 

 

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If you want more jobs in America, you need more immigrants

Obama signs the JOBS Act

Poyan Rajamand faced a choice when he completed his degree from Stanford University’s Graduate School of Business in 2008. Would he look for work in the United States or relocate abroad? Rajamand explained in a report written by the Partnership for a New America Economy and the Partnership for New York City, that he and his fiancé arrived at their decision easil.  They would  move to Singapore, where obtaining a visa was simpler for high-skilled immigrants than here in the United States. In his new home, Rajamand has founded a startup called Barghest Partners that invests in new businesses.

 

 

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Blueseed a high-tech visa-free entrepreneurship and technology incubator on an ocean vessel

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Concept vessel for Blueseed.

It can be hard to get a visa to live and work in the United States.  It’s can even be hard for highly skilled immigrants and entrepreneurs looking to start businesses. Here is a startup with a plan and a very important backer that could change everything.

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Solving America’s innovation problem starts with solving with the immigration problem

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America should not ignore an obvious source of human capital – those from other countries.

What drives innovation? People with creative ideas, intellectual talents and personal ambition do.  America has always relied individual and collective breakthroughs in human knowledge and production to enhance our lives and our econom, from advances in science, mathematics and health care to new technologies, products and companies. As the nation continues to find ways to improve the educational and life opportunities of its own citizens to help spark innovation, we should not ignore an obvious source of human capital–those from other nations.

 

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