A diaspora remittance is a money transfer sent by someone living in a foreign country (part of the diaspora) back to their home country.
This money is not always in the form of cash but might be goods sent by the migrants to their families and friends in their origin countries.
It significantly contributes to the economy of the origin countries, especially as a source of foreign exchange.
The World Bank provides annual estimates of remittance flows globally (and bilaterally), based on national balance of payment statistics produced by central Banks and compiled by the IMF.
Based on the World Banks report, below are the top 10 countries with the highest diaspora remittance inflow in the world:
1. India – $125 billion
Millions of Indians live and work abroad, particularly in the US, UK, and Singapore. These countries contribute significantly to India’s remittance inflow.
Favorable economic conditions in these sending countries allow migrants to send more money back home.
2. Mexico – $67 billion
Roughly 95% of these remittances originate from the US, where over 11 million Mexicans reside.
While receiving a substantial amount, Mexico also sends out around $5 billion in remittances per year, primarily to Central American countries like Guatemala and Honduras.
3. China – $50 billion
While it used to be one of the major remittance sender countries, China has become one of the world’s leading recipients of remittances.
This recent surge is primarily driven by returning Chinese migrants and students investing in properties and businesses back home.
4. Philippines – $40 billion
Remittances are a lifeline for many Filipinos, accounting for roughly 10% of the country’s GDP. They support basic needs, education, healthcare, and even entrepreneurial ventures.
The primary source of this inflow is the large diaspora of over 10 million Filipinos working abroad, primarily in the US, Europe, and the Middle East.
5. Egypt – $24 billion
This influx primarily comes from Egyptian communities abroad, particularly in the Gulf countries, Europe, and North America.
Many Egyptians work in these regions, sending part of their earnings back home.
While Egypt has historically seen high remittance volumes, recent years have witnessed declines. Economic uncertainties in sending countries and new domestic saving options in Egypt have contributed to this.
6. Pakistan – $24 billion
The primary source of these funds comes from the large Pakistani diaspora, estimated at over 10 million strong, living and working primarily in the Middle East, Europe, and North America.
7. Bangladesh – $23 billion
Millions of Bangladeshis work abroad, predominantly in the Middle East, Europe, and Southeast Asia.
Their hard-earned income sent back home forms the lifeblood of many families and communities.
8. Nigeria – $21 billion
The primary source of these funds comes from the large Nigerian diaspora, estimated at over 17 million strong, living and working primarily in Europe, North America, and other African countries.
The upward trend of remittances has slowed down in Nigeria compared to previous years. This can be attributed to various factors, including economic conditions in sending countries and inflation in Nigeria.
9. Guatemala – $20 billion
The primary source comes from the large Guatemalan diaspora, estimated at over 2 million strong, primarily residing in the US.
10. Uzbekistan – $16 billion
Russia is the primary source of these remittances, with around 87% of the inflow coming from Uzbek migrants working there.
Disclaimer
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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