This article will bring you to the list of the biggest illegal industries and black markets in the world. Insider Monkey has recently published an interesting article about it.What is a black market? Well, it is characterized by non-compliant behavior with an institutional set of rules or in this case, production and distribution of goods prohibited by law. Anyone who engages in the production and distribution of these goods is a member of the illegal economy such as prostitution, drug trade, etc. As usual, money makes the world go ’round, and so illegal businesses flourish as people rush to make money fast.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked three of the biggest illegal industries and black markets in the world from their list.
The first one is Organ Trafficking, which probably tops the illegal business list in India because people living in extreme poverty in countries like this one, can be convinced to sell their organs for a fraction of the “actual price”, while someone earns huge amounts of money by then selling these organs to rich people everywhere. The thriving black market for organs generates about $1 billion annually and organs, especially kidneys, are often sold to people in the USA and Australia. The second black market on our sh Illicit Art Trade. It is extremely profitable. Collectors are in need of art pieces, and shady people are in need of money, so they steal priceless paintings and other forms of art and sell them to rich collectors who are ready to pay a high price possessing something that worthy. The industry generates about $6 billion annually. At last, but not least we are mentioning. Cigarette Smuggling. According to Forbes, about $600 billion cigarettes are smuggled worldwide every year which makes this black market one of the biggest. Cigarette trade is a $30 billion industry which means it is among the top most profitable illicit industries. Cigarettes are a legal product, but due to high taxations, the black market for cigarettes is booming.
For any further useful information, read Insider Monkey’s article about 10 biggest illegal industries and black markets in the world.