Why is cocaine worth so much?

A map of global drug trafficking

The worldwide illegal drug trade continues to flourish. Accounting for almost 1% of the world’s financial revenue, the cocaine trade alone boasts an annual turnover of an estimated $85 billion. This infographic, from Around the World: An Atlas for...

Cocainenomics

How did Pablo Escobar rise up out of the Medellin barrios to become the CEO of a $4 billion business? This immersive look at the global drug trade spawned by the notorious drug lord, who at his peak controlled 80% of the cocaine supply in the US. This deep dive includes visualizations showing how logistics of drug smuggling evolved over the years and traces the economic impact of the industry.

Why Belgium is now the cocaine capital of Europe

Belgium has become Europe's cocaine-trafficking capital. Recently, Belgian ports have seen record seizures of cocaine. In 2020, the port of Antwerp accounted for 40% of all cocaine seizures in the EU. And local authorities are struggling with the...

How the Montreal Protocol made CFCs the most valuable Miami contraband after cocaine

Following the 1990s production ban, smugglers flooded Miami with illegal chlorofluorocarbons used in air conditioning. A 15-kilogram cylinder bought for $70 in Europe could sell for $242 in the US, fueling multimillion-dollar black-market trade. (Some users may experience a paywall.)

Organized crime, including money laundering, drains $1.96T from the global economy annually

Overall, financial crime drains $3T from the global economy, with organized crime making up nearly $2T of that total. Drug trafficking is the second-largest drain on the global economy.

An eye-opening interactive journey into the global drug trade

POPPY Interactive reveals how drug money destabilizes entire countries, fuels global conflicts, and allows a worldwide illegal economy to grow. Navigating the site involves diving into three major routes—the Northern Route, the Balkan Route, and...

Watch the craziest ways cartels traffic drugs

The war on drugs has forced cartels to be increasingly creative when it comes to smuggling drugs. As police develop methods to catch smugglers, drug traffickers come up with new ways to get their products from producer to seller to buyer. This cycle...

A video showing how drug dealing really works

What motivates people to sell drugs? The "News on Drugs" series asks how people get drawn into the drug trade, unpacking the different goals and aims involved in dealing drugs. While there is a lot of focus on cartels, traffickers, and gangs...

How America's cocaine habit fueled its migrant crisis

The United States has been facing a migration crisis along its southern border. Thousands of people have been fleeing their homes in Central America, traveling north through Mexico, and claiming asylum in the USA. Much of this crisis can be traced...

Why caviar is still so expensive, even though it's no longer rare

An ounce of caviar can cost more than $250, even though China has flooded the market with a surge in supply over the past decade. As it turns out, the perception of caviar as a luxury good rather than a true scarcity is part of what keeps it so expensive.

The US dollar is the most popular note to counterfeit

Counterfeit operations are often controlled by rogue governments, drug cartels, and more. These organized crime rings often sell counterfeit bills wholesale, for anywhere between 40 and 70 cents per dollar.

Visualize how Coca-Cola's secret formula has changed over time

Coca-Cola contained small amounts of cocaine until the early 1900s—but that's not the only time Coca-Cola has altered its recipe over the years. For instance, Coca-Cola transitioned from cane sugar to high-fructose corn syrup in the 1980s.

See the value of currency in circulation in billions of dollars as of Dec. 31 of each year.

Drug trafficking, violence, and politics in Northern Mali

Drug trafficking in northern Mali is fueling unparalleled regional violence and instability. In Mali, smuggling narcotics is not only a way armed groups gain funds, but also a source of conflict in itself. According to the International Crisis Group...

An overview of drugs, crime, and cartels in Mexico

In 2006, the Mexican government launched a war on the drug cartels. The cartels and the drug trade fuel rampant corruption and violence in Mexico, contributing to tens of thousands of homicides in the country each year. Mexican drug cartels are also...

Meet a government agent who laundered millions of dollars for Pablo Escobar.

It's tough to measure just how much the global commodities market is worth

That's partly because of all the different ways and places commodities are traded—such as futures exchanges, spot markets, and over-the-counter deals. Additionally, the same commodity can be traded multiple times in different markets, making it easy to risk duplicating trade values in calculations.

The global creator economy is worth roughly $250B

That number is derived from multiple sources (such as brand deals and affiliate links), and the projections for how much the creator economy will be worth in the future are even more complicated.

The US war on drugs, explained

The United States has been fighting a global war on drugs for decades. By making drugs more expensive and less available, the US has sought to reduce drug use and inhibit the international drug trade. However, increasing prison populations,...

The Stepan Company is the only US company with legal permission to import coca leaves

The Stepan Company works closely with Coca-Cola so that the soda giant can continue to use coca leaves for its beverages. Today, the cocaine from the coca leaves is removed before they are used to create Coca-Cola.

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

15 facts about the Cali Cartel

The Cali Cartel was a drug cartel based in southern Colombia. Originally founded by the Rodríguez Orejuela brothers in the early 1970s, the cartel changed the structure of drug trafficking, and is often considered “the most powerful crime...

Cocaine financed Uruguayan soccer player Sebastián Marset's childhood dream

Sebastián Marset was one of the most successful drug traffickers in South America. In order to launder the profits from his cocaine empire, he bought and sold professional soccer teams—which he played on.

How drug trafficking undermines West Africa

The rise of drug trafficking is undermining institutions, public health, and development efforts in West Africa. According to the West African Commission on Drugs, civil wars have receded, democracy has gained ground, and economies are growing in...

The global economy runs on US dollars, with nearly 90% of international trade in 2019 being processed in US dollars.

How five of the world's most expensive salt and spices are made

Part of the charm of certain spices and salts is their exotic origin, hailing from difficult-to-access locales or hewn via special processes. That also explains why they can be so expensive. Dive into the businesses of producing and marketing five of the world's most expensive food additives with this engaging video.

A podcast detailing the drug markets of East and Southern Africa

The African continent plays a critical role in the global illicit drug market. Often forgotten when discussing drug trafficking, organized criminal networks in Africa have established relationships with other criminal organizations around the world....

Coca-Cola operates under an asset-light, divided structure

The "company" manages the brand itself, as well as its secret formula and syrup production. The capital-intensive "system" of independent bottlers, on the other hand, handles manufacturing and distribution.

Art theft is the third-largest source of criminal revenues worldwide.

The evolving industry of flowers

The global trade of flowers is worth billions of dollars, and new markets and supply chains are opening each year. This multimedia deep dive takes a look at the origins of the modern flower trade in the Netherlands and its expansion into dozens of...

Drug trafficking in the MENA

The Middle East and North Africa is a major source, transit point, and consumer of illicit drugs. Despite having some of the harshest penalties for drug-related crimes, the region both influences and is negatively impacted by illicit substance abuse...

See the increase in financial crimes globally on a map

The Global Organized Crime Index tracks annual shifts in organized crime, ranging from drug and human trafficking to financial crimes. The map shows crime levels for each country, as well as a profile of the country's annual shifts.

As of 2025, an estimated $3.2B in annual revenue flows through dark web platforms

The untraceable cryptocurrency Monero is used in about 60% of transactions across more than 37 active marketplaces that sell copyrighted materials, private information, and phishing kits—tools that help bad actors more easily create fake sites to steal users' data—for financial fraud.

Psychoactive drugs found in 1,000-year-old bag made of fox noses

Archaeologists in Bolivia have uncovered an ancient bag filled with "amazing goodies" that suggests the owner or owners were well-versed in the properties of psychoactive substances and sourced goods from well-established trade routes. This article details the findings, which shed light on how ancient peoples in the region consumed and obtained psychoactive substances.

How the Myanmar coup fueled a rise in illegal drugs

According to the UN, Myanmar remains the world’s second-largest producer of heroin. Inside Myanmar, almost all the drugs come from one place: Shan state in the Golden Triangle region, south of China, where Myanmar meets Thailand and Laos. The...

The story of the Sackler empire behind highly addictive OxyContin

This investigative report examines how the Sackler family built its fortune through Purdue Pharma’s aggressive marketing of OxyContin, a highly addictive painkiller. Through 2017, the drug had generated more than $30B in sales for Purdue Pharma, controlled by the Sacklers.

US states have reported over $25B in tax revenue from recreational cannabis sales and medical marijuana.

Louis Vuitton is considered LVMH's most valuable brand

Louis Vuitton consistently ranks among the world's top 10 most valuable global brands—it's worth an estimated $100B as of this writing.

Coffee production took off in the 1800s

Coffee production in South America took off in the 1800s, with Brazil establishing itself as the largest global producer in the 1840s. Today, the country grows over one-third of the world's beans and consistently leads in global coffee production, with other Latin American countries like Colombia and Guatemala.

Visualize the global supply chain of medicine, which may begin with basic research in the US, but outsource intermediate steps.

Step inside Colombia’s most powerful drug trafficking group

The AGC is Colombia’s most powerful drug trafficking organization. Founded by a paramilitary leader who dismissed the Colombian peace process, the AGC stands for the Gaitanist Self-Defense Forces of Colombia. Self-described as “an army fighting...

Stablecoins now transfer more value than Visa or Mastercard.

Because stablecoins operate on public blockchains, transfers can occur nearly instantly without intermediaries, unlike traditional credit card networks. This has fueled stablecoins' adoption within the crypto world and in cross-border payments. Stablecoin transfer volume rose from about $3B in 2018 to roughly $18T in 2024, overtaking Visa's roughly $16T and Mastercard's $10T.

Roller coasters can cost millions of dollars to make, but they often offer a substantial payoff

Over 6,000 roller coasters are in operation around the world as of 2025, with ongoing demand to build more each year. Despite being costly (some theme parks pay upwards of $50M for these rides), their financiers are able to justify the investment when considering the long-term value of a ride that sticks around for decades with daily streams of visitors.

Commodity traders are the most powerful people you've never heard of

Just beneath the surface of the global economy is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity—they're called commodity traders. Their power partly stems from the fact that commodities are essentially the building blocks of the economy at large.

Silk Road, the dark web's first widely used market, proved the real-world utility of bitcoin

Named after the ancient intercontinental trade network between China and the Roman Empire, the anonymous market was active from early 2011 to October 2013. Before it was shut down, approximately 10,000 products—70% of which were illegal and controlled prescription drugs—were bought and sold using the cryptocurrency.

Bitcoin, the oldest and most popular cryptocurrency, is a digital cash alternative introduced in 2009 that rapidly grew in popularity and now boasts a global user base.

Why are drug dealers putting fentanyl in everything?

A few grains of fentanyl, a synthetic opioid far more potent than heroin or morphine, are enough to kill a typical adult human. It's made its way into other, less lethal street drugs, where it may be used to increase the highs experienced by unknowing users, increasing their likelihood of addiction and overdose.

The stablecoin market increased tenfold from 2020 to 2025

Specifically, the stablecoin market grew from about $28B in 2020 to $282B in 2025. Some experts forecast that it could grow anywhere from 6.7x to 14.2x by 2030.

Watch what would happen if you literally had all the money in the world.

A former financial crime investigator says Hollywood has done a pretty good job depicting money laundering

A former financial crime investigator says "Narcos" and "Ozark" have pretty realistic scenes, but other well-known financial crime depictions like "The Wolf of Wall Street" are off base. Some of the main inconsistencies include overly dramatic gunfights and unrealistic cash amounts.