Top 10 countries by remittances received: India is at the top, find the complete list here
Remittances are both financial as well as non-monetary transfers made by diaspora people across national borders to support family members. According to the World Bank data, the remittances for the year 2024 are $905 billion and are greater than FDI and ODA combined.
India
India is at the top of the list with $129.1 billion in remittances. For over 10 years, India has maintained its position as the top leading diaspora remittance. This is due to the rising share of skilled labour forces moving to the developed markets such as the US, UK and Singapore.
Mexico
Mexico is in second position with total remittance for its diaspora at $68.2 billion in 2024. This marks a 2.3 per cent increase from 2023. This marks the 11th consecutive year that remittance funds have grown.
China
China received $48 billion in remittances, approximately 5.3 per cent of the global share, the lowest in two decades. This is primarily due to the ageing population of China and high economic activity within the nation.
Philippines
The Philippines is fourth with $40.2 billion. The United States, Saudi Arabia, Singapore, and the United Arab Emirates accounted for the lion's share of the remittance amount.
Pakistan
According to the World Bank Data, Pakistan received around $33.2 billion in remittances. Remittances are key economic support for Pakistan and play a vital role in Pakistan's current account deficits.
Bangladesh
Bangladesh received nearly $26.6 billion in remittances in 2024. The significant growth comes amid a period of political upheaval. This is partly due to the overall recovery of the job market and partly due to the political reform, which compelled workers to shift from informal channels to formal remittance methods.
Egypt
The Arab Republic of Egypt acquired a record $22.7 billion in remittances. The surge is a significant contributor to Egypt's recovery and economic stability.
Guatemala
In 2024, Guatemala received $21.6 billion in remittances, which accounts for nearly 20 per cent of its GDP. This amount is driven by a large diaspora living in the United States.
Nigeria
Nigeria received $19.8 billion in remittances in 2024. It significantly contributes to Nigeria's foreign exchange reserves. The United States, the United Kingdom, France, and Canada are the major sources of this remittance
Uzbekistan
In 2024, Uzbekistan received $16.6 billion in remittances, marking a 30 per cent increase from the FY 2023. It accounts for nearly 17 per cent of the country's GDP.
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