India Beats China To Become #1 Nation in Remittances; NRIs Sent $69 Billion Back Home!
World Bank has released their latest data on global remittances rankings, which considers the total amount of money sent by native citizens to their country.
After a dip in 2016, India has bounced back in the global remittances ranking.
World Bank has released their latest data on global remittances rankings, which considers the total amount of money sent by native citizens to their country.
In this new ranking for 2017, India has beaten China and other countries to be placed at #1.
Indians Sent Maximum Money Back Home!
As per latest World Bank data, Non-Resident Indians sent $69 billion back to India in 2017, which is highest in the world.
In 2016, remittances sent to India had dipped a bit, but in 2017, NRIs strongly bounced back, increasing the total remittances by whopping 9.9%.
However, in terms of value, 2014 remittances of $70.4 billion is still #1, which is expected to be breached this year end.
World Bank’s latest report called Migration and Development Brief states that total of $466 billion of remittances was sent by native citizens to low-and middle-income countries.
This is an increase of 8.5% compared to 2016, when remittances of $429 billion was sent across the world.
Stronger Economy Improves Remittances
World Bank has stated that stronger economy and stable political leadership in developed countries like US and Canada, UAE and Saudi Arabia has resulted in increased remittances.
Besides, higher oil prices, and stronger dollar and Ruble enabled greater prosperity, which enabled non-resident citizens to send more money back home.
While India topped the list at $69 billion, China  was at #2 with remittance of $64 billion; the Philippines at #3 with remittances of $33 billion, Mexico at #4 with $31 billion,  Nigeria at #5 with $22 billion and Egypt at #6 with $20 billion.
Overall, remittances to Asia increased by 8.5% to reach $117 billion.
Due to positive economic sentiments, global remittances is expected to grow by 4.6% to reach $642 billion in 2018.
As per World Bank, if the medium to send remittances improves, then the cost of sending money will reduce, thereby triggering even more remittances.
Creation of platform independent money transfer platform, the assistance of Governments to help immigrants are some of the ways World Bank has recommended to reduce costs associated with remittances.
You can find the entire report here.
We will keep you updated, as get more information on the global remittances.
