India Tops the World in Remittances, Mexico Second, China Third, and Bangladesh Seventh

India Tops the World in Remittances, Mexico Second, China Third, and Bangladesh Seventh

In 2024, India secured the top position globally in remittances. Indian expatriates sent approximately $129.1 billion in remittances last year, marking the highest amount received by any country in a single year. Additionally, India received 14.3% of global remittances, the highest share in this century.

Mexico ranks second with $68 billion in remittances, and China is in third place with $48 billion. The Philippines ranks fourth, with its expatriates sending $40 billion in remittances. Bangladesh received over $26.5 billion in remittances from its expatriates last year, which is a crucial economic source for the country.

Egypt ranks eighth, with expatriates sending $22 billion, while Guatemala and Germany hold the ninth and tenth positions, with each country receiving $21.5 billion in remittances.

According to World Bank data, China's share of remittances in 2024 dropped to 5.3%, the lowest in two decades. This decline is attributed to China's economic prosperity and population aging, which has led to a decrease in the migration of low-skilled workers.

Remittances, sent by individuals working abroad to support their families, are a vital source of income for families in developing countries and contribute significantly to the economies of recipient nations.