India cemented its position as the top remittance destination globally in 2022, achieving the historic milestone of surpassing $100 billion in remittance flows according to the newly released World Migration Report 2024. With over $111.22 billion received, India maintained its rank as the number one recipient country, leading Mexico, China, the Philippines and France.
The report from the UN Migration Agency shows a strong rebound of global remittances from the impacts of the COVID-19 pandemic in 2020. International migrant workers sent a total estimated $831 billion in 2022, up substantially from $791 billion in 2021 and $717 billion during the peak of the pandemic in 2020.
While Mexico held onto the number two spot globally, China experienced a role reversal and fell to fourth behind the Philippines after long standing as the second largest recipient just behind India. European countries like France and Germany also remained prominent in the top 10 reflecting the importance of remittances to their economies over the past decade.
The data underscores the heavy reliance of certain countries' GDP on remittance flows. Tajikistan topped the list in this regard in 2022 followed by Tonga, Lebanon, Samoa and Kyrgyzstan—highlighting remittances' significant contribution to their overall economies.
Though compilation challenges exist, the World Bank figures provide crucial insight despite likely underreporting actual amounts through formal and informal channels globally. The report also shed light on international student migration trends with Asia leading in numbers, particularly China and India. An intriguing migration pattern observed differed between destination regions regarding the gender distributions of international migrants.
SEO Title: India Hits Historic $100 Billion Remittance Mark in 2022 as Top Receiving Country
SEO Description: A new UN report reveals India received over $111 billion in remittances in 2022, becoming the first country to surpass $100 billion and maintain the top rank globally ahead of Mexico, China and others.
Focus Keyword: remittances to india
Slug: india-hits-100-billion-in-remittances
