The UNHCR (United Nations High Commission for Refugees) is unique among UN agencies. From the creation to till now, the UNHCR has been central off to the international debates about human rights and international responsibility, conflict resolution, mutual diplomacy as well as delivery of humanitarian assistance. Though the UNHCR has had many successes over the past 50 years, it has also many failures too. Since, its inception in 1951, the UNHCR has sustained remarkable growth in its budget, staff and expansion of its mandate. But for the contemporary demand, there have been insufficient to establish a more effective UNHCR. This paper shows how world's refugees are being treated with regard to their creeds and castes, international relations, interest of the world dominating countries, in particular in Asia, Africa or some parts of Europe too.This research work understands the global financial crisis that had been affected the UNHCR. This book also uses the concepts of financial innovation, current budget imbalances, as well as to find the roots of the crisis. At the same time it emphasizes the need for international recognition, especially at a time of global recessions.