India is the Largest remittance-receiving countries in the world with migrant works sending back home 69 billion USD.
China holds the second spot with 64 billion USD being sent back home. Asia-Pacific region amounted to $256 billion last year as per the world bank data.
About 70 percent of remittances sent to Asia and the Pacific come from outside the region and in particular from the Gulf States (32 percent), North America (26 percent) and Europe (12 percent). By 2030, around $6 trillion in remittances are expected to be sent to developing countries by 2030: over half of these flows will arrive in the Asia Pacific regions, very often in small towns and villages. (As per RemitSCOPE report – ET)
The report also stated how remittance sent back to the home country is creating employment opportunities and impacting lives of people locally. It also stated the impact of remittance was 10 times more than the official development assistance in the region.
Top 10 Remittance receiving countries in the world:
|No.||Country||Remittance received (in billion USD)|
Data source – Worldbank