from Statista.com
— this post authored by Niall McCarthy
According to World Bank data published earlier this year, global remittances totalled $689 billion in 2018, up from $633 billion in 2017. Of that total, $529 billion flowed into low and middle-income countries. The upsurge in remittances was driven by increasing oil prices and stronger economic conditions in the United States and it was particularly evident in South Asia where growth came to 12 percent. India has seen a steady increase in remittances in recent years and they climbed from $62.7 billion in 2016 to $65.3 billion in 2017.
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Its huge diaspora helped it maintain its position last year with migrants sending a whopping $79 billion back home to India. The World Bank attributed some of that 14 percent growth to flooding in Kerala which likely prompted migrants to send more financial aid to their families. China also boasts a massive diaspora and it comes second on the list with $67 billion. The top three was rounded off by Mexico with $36 billion.
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