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.)

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.

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 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.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

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

Colorado and Washington became the first states to allow the sale of cannabis products in 2014. Since then, many more states have legalized marijuana in some capacity—and it's been a boon for state budgets. California now regularly collects more than $1B in marijuana tax revenue each year, for instance.

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.

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

The market value of art is entirely subjective, allowing paintings to be worth millions while also being lightweight and easy to smuggle. However, most successful heists are the result of luck and don't include a plan for selling. The smartest option for robbers is typically the less famous painting, as it won't be as difficult to sell as the Mona Lisa.

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.

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.

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.

Americans spent nearly $150B in sports-related bets in 2024

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

Discover the economic value of coral reefs, which benefit one billion people worldwide

The National Oceanographic and Atmospheric Administration estimates that US commercial and recreational fisheries valued at $200M depend on coral reefs, which provide up to $1.8B in flood protection by absorbing 97% of wave energy. Combined with the benefits from tourism, US coral reefs provide $3.4B in value annually.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Lack of regulation makes cryptocurrency a hotbed for money laundering

Cryptocurrency is largely anonymous and widely unregulated worldwide. As a result, crypto-to-cash schemes have become a highly prevalent money laundering tactic that allows criminals to commit financial crimes with crypto accounts and then "clean" the money by selling crypto for cash.

How much it costs to host the World Cup

The cost of hosting the world's biggest sporting event depends on a country's existing infrastructure. Learn how the World Cup in Qatar will impact the country's finances in this brief podcast.

How much do people make in Hollywood?

A huge network of people makes up Hollywood—a place associated with glamour and fortune. Read this article in The Hollywood Reporter to learn more about the actual roles within the industry and what these workers are paid. From studio executives to makeup artists, learn what the different Hollywood salaries are.

The science (and scams) behind essential oils

Essential oils are a big business, with industry estimates pegging its market size at $10B last year—a number expected to double by 2030. These distilled plant compounds have a long history of both legitimate and exaggerated uses, and many marketed oils are, as the author of this long read claims, just selling wish fulfillment. Revisit some of the history and contemporary use of essential oils with this piece.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

US intelligence allegedly pursued more than 600 schemes to assassinate Cuban revolutionary Fidel Castro.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Explore fun facts from the USPS, including unique post office buildings, a stamp that traveled past Pluto, and more.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

See the evolution of Ebola vaccine and treatment development.

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

Scientists can determine Earth's past climate conditions by analyzing air trapped in microscopic bubbles within ice cores—columns of compressed snow layers that build up over hundreds of thousands of years.

Bone marrow (soft tissue found inside certain bones) generates roughly 500 billion new blood cells each day

The deadliest aspect of volcanic eruptions is often not lava, but pyroclastic flows—avalanches of ash, gas, and rock that can move more than half the speed of sound.

In 2009, the nation was gripped by the story of a missing young boy who was believed to be floating over Colorado in a homemade balloon, until it was revealed that he was at home the whole time.

See a 3D reconstruction of Tenochtitlan, the Aztec capital that was home to an estimated population of 200,000 to 400,000.

Explore a list of the 100 best novels of all time, compiled by some of the world's best living writers, including Salman Rushdie, Stephen King, and Jennifer Egan.

A small portion of The Winstons' 'Amen, Brother,' an obscure '60s gospel record, is the basis for thousands of hip-hop tracks, making it one of the most sampled records ever that's informally known as 'the Amen break.'