World Bank: India ranked highest in migrant remittances at $70B

WASHINGTON, April 15 (UPI) — Indians working overseas sent more remittances back home than any other migrant population, according to a World Bank report.

India received $70.39 billion in remittances in 2014, surpassing China’s $64.14 billion. India’s total was greater than remittances to the Philippines, Mexico and Pakistan combined, according to The Wall Street Journal.


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India held the No. 1 spot for the second year in a row but the growth in remittances also slowed. The strength of the Indian rupee may have caused Indian workers with savings to wait until a more favorable exchange rate would allow them to send funds home.

For the first time the World Bank report, released Monday, also gave estimates of diaspora savings for different nationalities.

Mexicans own the largest pool of diaspora savings, according to the report, but Indians have the most savings, roughly $44 billion stashed away in countries such as the United States, the United Arab…

[signoff icon=”icon-link”]FULL ARTICLE: UPI
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