Indians living abroad sent home an estimated $72 billion (Rs.4.75 lakh crore) this year, making it the largest remittance receiving country in the world, according to the World Bank's Migration and Remittances Factbook 2016.
China ($64 billion) and the Philippines ($30 billion) trail behind India at number two and three, respectively .Overall, international migrants, expected to surpass 250 million, will send $601 billion to their families in their home countries this year. Of this, a large chunk of $441 billion will be sent to families in developing countries. “These inflows constitute more than 10% of GDP in some 25 developing countries and lead to increased investments in health, education, and small businesses in various communities,“ said the report produced by the bank's Global Knowledge Partnership on Migration and Development (KNOMAD) initiative.
“At more than three times the size of development aid, international migrants' remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than $500 billion in annual savings. Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries,“ said Dilip Ratha, co-author of the Factbook.
The top 10 migrant destination countries were the US, Saudi Arabia, Germany , Russia, UAE, the UK, France, Canada, Spain and Australia. The top 10 migrant source countries were India, Mexico, Russia, China, Bangladesh, Pakistan, the Philippines, Afghanistan, Ukraine, and the UK.
In 2014, there were 14.4 million refugees (excluding 5.1 million Palestinian refugees), accounting for 6% of international migrants. About 86% of the refugees were hosted by developing countries, with Turkey , Pakistan, Lebanon, Iran, Ethiopia, Jordan, Kenya, Chad, and Uganda the largest host countries.In contrast, the number of refugees in developed countries was 1.6 million.
China ($64 billion) and the Philippines ($30 billion) trail behind India at number two and three, respectively .Overall, international migrants, expected to surpass 250 million, will send $601 billion to their families in their home countries this year. Of this, a large chunk of $441 billion will be sent to families in developing countries. “These inflows constitute more than 10% of GDP in some 25 developing countries and lead to increased investments in health, education, and small businesses in various communities,“ said the report produced by the bank's Global Knowledge Partnership on Migration and Development (KNOMAD) initiative.
“At more than three times the size of development aid, international migrants' remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than $500 billion in annual savings. Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries,“ said Dilip Ratha, co-author of the Factbook.
The top 10 migrant destination countries were the US, Saudi Arabia, Germany , Russia, UAE, the UK, France, Canada, Spain and Australia. The top 10 migrant source countries were India, Mexico, Russia, China, Bangladesh, Pakistan, the Philippines, Afghanistan, Ukraine, and the UK.
In 2014, there were 14.4 million refugees (excluding 5.1 million Palestinian refugees), accounting for 6% of international migrants. About 86% of the refugees were hosted by developing countries, with Turkey , Pakistan, Lebanon, Iran, Ethiopia, Jordan, Kenya, Chad, and Uganda the largest host countries.In contrast, the number of refugees in developed countries was 1.6 million.
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