Iranian Americans' assets put at $800 bln

Iran Mania:

Assets held by Iranian nationals residing in the United States reached $800 bln last year, said an economic expert. READ MORE

Bijan Bidabad told Fars news agency that the latest estimates by University of Massachusetts show that the Iranian American community held $600 bln in 2003.

He further noted that restrictive laws have put investment security at stake in Iran, stressing that the country has failed to encourage investors to keep their capital at home.

Investments usually seek places with adequate security, because capital always moves away from the insecure areas gradually, he noted, adding that when investors see their capital at risk in one area, they will begin to transfer it to other areas.

The expert said studies on investment trend show that outflow has been more dominant. The reality is that capital flight has been on the rise in recent years, he said, adding that Iranians have invested more than $25 bln only in one area in the United Arab Emirates (UAE).

He said if the new government favors economic growth and development, it will have to change its economic outlook and begin to reform economic structures.

"The country's economic officials need to receive training in order to be able to make proper decisions," stressing that, otherwise, the national economy will never develop.