How Investing in Refugees Can Strengthen Economies Worldwide

September 17, 2026

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More than one hundred million people are displaced worldwide today, and political backlash against refugees has slashed vital humanitarian aid. Conventional approaches often frame refugees as a humanitarian burden, focusing on immediate needs rather than long-term economic potential. Yet a growing body of research suggests that refugees are also innovators, entrepreneurs, workers, and investors who can help strengthen the communities where they resettle. When given the chance, many displaced people have proved themselves to be resourceful entrepreneurs who can drive growth. Investing in refugee-led enterprises, companies supporting refugees, and the communities welcoming them transforms tragedy into economic and social gain for all.

Christine Mahoney, chief innovation officer and professor of public policy and politics at the Frank Batten School of Leadership and Public Policy recently presented research from her new book, Banking on Belonging, at a conference in Nairobi, Kenya, convened by the World Bank, the United Nations High Commission for Refugees (UNHCR) and the World Bank-UNHCR Joint Data Center on Forced Migration.

Mahoney discussed her research on effective public-private partnerships to support refugees based on fieldwork in Africa, Latin America, Europe, the Middle East, and North America.

The dialogue brought together government representatives, national statistical offices, operational teams, researchers, development and humanitarian partners, and the private sector from Kenya, Uganda, and Ethiopia. Discussions examined how empirical evidence can better support refugee and host-community inclusion and self-reliance. Topics included national reform agendas, inclusive data systems, the transition from refugee camps with parallel services to sustainable settlements with integrated services for refugees and their hosts, as well as job creation and scaling up private sector investment. The event also explored how evidence can inform policy, operations, and investment decisions, while identifying shared priorities and evidence gaps across the three countries.

The invitation reflects growing international interest in evidence-based approaches to refugee inclusion and economic development. Through years of field research and engagement with policymakers, financial institutions, nongovernmental organizations, and refugee entrepreneurs, Mahoney has helped advance a body of work demonstrating that economic inclusion can benefit both displaced populations and the communities that receive them. Her research contributes to ongoing efforts to develop more sustainable models for addressing one of the world’s most pressing humanitarian challenges.

Banking on Belonging, published by Columbia University Press, presents the Refugee Lens Investing framework, a system for identifying and classifying investment opportunities involving refugee-owned businesses and funds targeting displaced talent. Combining on-the-ground narratives with empirical research and practical tools, the book makes both the moral and economic case for refugee inclusion. At a moment when record levels of displacement are straining traditional humanitarian responses, Mahoney’s research offers an alternative vision, one in which refugees are recognized not as burdens to be managed but as entrepreneurs, workers and innovators capable of helping build more resilient economies and communities.