Carta Blanca Economics · Study 001 · 2026

How $777B
was funded, 2011–2024.

An evidence-based reading of fourteen years of UN system financial data. Every figure from primary public sources. Three chapters: funding quality, concentration, and the signals in the data.

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01
The Money

Revenue grew +72% in nominal terms. The core share did not.

UN system revenue grew from $39.6B in 2011 to $68.3B in 2024: +72% nominal, 34 to 48 reporting entities; +69% at constant perimeter (entities reporting in both 2011 and 2024); a real-terms figure in 2024 dollars is not computed in this build (no US GDP deflator or CPI series available offline). Over the same period unrestricted funding (assessed plus core) fell from 44.1% to 28.0% of total revenue; core alone from 10.6% to 7.8%, while earmarked contributions rose from 49.6% to 60.6%.

Core contributions were 7.8% of total revenue in 2024, or 11.4% of voluntary contributions. The rest was assessed (20.2%), earmarked (60.6%) or other revenue.

Source: CEB Financial Statistics 2024 · Core funding $5.3B of $68.3B

Revenue composition, 2011–2024
Earmarked, assessed, core and other revenue, as published
Revenue composition, 2011–2024
Source: UN CEB Financial Statistics · unsceb.org/data-download
Core vs Earmarked, the squeeze
Two lines moving in opposite directions since 2011
Core vs Earmarked, the squeeze
Source: UN CEB Financial Statistics 2011–2024

Earmarking is a known trade-off: it lets donors target results and report on them, and it limits how far entities can move money between priorities. Volatility is visible too: WFP revenue changed by -37% between 2022 and 2023, after an exceptional 2022.

02
Concentration

One government, 30.6% of government contributions.

The United States contributed $14.3B to the UN system in 2024, 30.6% of all government contributions. The second-largest government contributor provided 10.2%. Concentration is measured here, not judged: it describes how much of each entity's government funding comes from a single contributor.

US share of each entity's government contributions, 2024
US contributions divided by all government contributions to the entity. One denominator is used across the whole site.
Source: CEB Revenue by Government Donor 2024 · Carta Blanca Labs calculation

US contributions were 57.9% of UNHCR's government contributions in 2024, 55.2% of IOM's, 52.3% of WFP's and 52.2% of UNAIDS'.

Source: CEB Revenue by Government Donor 2024 · Arithmetic on published data, no inference made

03
Signals

Eight signals in the data, each with its source.

Each signal is a published figure, with its source and years. What it means for policy is left to the reader; the questions below suggest where to start.

Methodology: All figures computed from UN CEB Financial Statistics (2011–2024), CEB Revenue by Government Donor (2013–2024) and CEB HR Statistics (2017–2024). No data has been estimated or imputed. Gaps in source data are reported as gaps, not filled. Every headline figure is stored in flows.json with its formula. This analysis does not infer intent, attribute causation, or make policy recommendations.
What this means for decision-makers

Three questions the data allows you to ask

These are questions, not answers. Each one connects a figure in this study to a debate already open in the UN system.

Funding quality
Core contributions are 11.4% of voluntary contributions. How far is each entity from its Funding Compact commitments on core and pooled funding, and which entity-level series would show progress year by year?
Funding Compact · earmarking
Donor concentration
In 7 entities a single government provides more than half of all government contributions. Which diversification or contingency measures do their governing bodies review, and how often?
Donor concentration
Comparable baseline
The CEB expenditure-by-function series starts in 2018: $290.6B of 2013 to 2019 country expenditure has no comparable functional breakdown. Which baseline year should proposals that compare functions over time use, given this series break?
Series break · comparability

Part of Carta Blanca Labs · by Oriol Cervantes

About

Carta Blanca Labs is an independent research label. Flows tracks UN system financial flows. Built entirely on primary public data. Published under Carta Blanca Economics, the economics series of Carta Blanca Labs, by Oriol Cervantes. An independent single-author study; the author worked at UNDP, WHO and UNICEF in the past. All primary sources are publicly available and cited inline.

Sources
Explore
This observatory reports what is published. It measures published data against declared methodology. It documents series breaks and reporting gaps. It does not infer intent. The largest-contributor share (Chapter 2) is arithmetic on 2024 CEB data, not a political position. · CEB data, reference year 2024 · downloaded 2026-10 · build 2026-11 · v1.6.2 · All figures reproducible from primary public sources.
About this study

Why this study exists

The CEB and UNGM publish UN system financing in detail, but across many separate datasets that are rarely read together. Flows puts those public series side by side, so that funding quality, donor concentration and reporting gaps can be discussed on the same evidence.

Method in three lines. 1. Download the published CEB Financial Statistics, CEB HR Statistics and UNGM reports. 2. Compute every headline figure with one script into a single file, flows.json, that stores source, years, formula and limitation. 3. Publish only what the data supports, and show gaps as gaps. Full methodology.

No inference of intent · No political position · No affiliation
Author
Oriol Cervantes

Data and operations professional with around fifteen years at UNDP, UNICEF and WHO. Flows is an independent study published by Carta Blanca Labs and does not represent the views of any organisation.

LinkedIn profile · oriolcervantes.com
CEB data as published, reference year 2024 · Downloaded 2026-10 · Build 2026-11 · v1.6.2 · Coverage 2011–2024 · Source file: flows.json · Changelog