In the year 2023, remarkable economic growth has been noticed at the global level, as Gross Domestic Product reached $105 trillion across 193 nations. Yet, a harsh reality is that a mere seven countries, United States, Japan, Germany, the United Kingdom, France, Italy, and Canada, comprised 62.09 percent of global wealth. This disproportionate division of economic growth created a huge economic inequality between the Global North and the Global South countries. This chapter delves into the complex relationship between globalization and the socioeconomic conditions of developing countries, scrutinizing how globalization has impacted poverty and inequality. The aim and objective of this study is to highlight how globalization has increased the gap between global north and global south countries including how negative impact of globalization in developing countries has increased diaspora into the developed countries. This research will examine how globalization affects wealth and resource allocation, which has impacted poverty and inequality in less developed countries. Moreover, the chapter intends to elucidate how diaspora groups can either alleviate or intensify these outcomes via financial support back home, cultural interactions, and social advocacy. The findings of the study reveal that globalization has had a two-faced impact on developing countries. On the one hand, globalization of trade and investments has promoted economic growth, expanded people’s access to contemporary technologies and knowledge, created new job opportunities, and lifted many people out of poverty. On the other hand, globalization is associated with income inequalities, exploitation of workers, and the environment, and most of these effects are felt by vulnerable workers. Thus, the study raises diaspora communities as strategic agents within the homeland’s socio-economic context. Money that is sent by family members living in other countries is normally a vital source of funds for most households in developing countries, and this can reduce poverty levels. Nonetheless, this dependence on remittances may foster reliance issues and amplify talent exodus challenges, further entangling globalization’s effects.
