India broke a record in 2022 by receiving over USD 111 billion in remittances, which makes it the first country to exceed the USD 100 billion milestone. This information comes from the World Migration Report 2024, released by the International Organisation for Migration (IOM).

According to the report, the top five countries which received remittances in 2022 were India, Mexico, China, the Philippines, and France.

Remittances are financial or in-kind transfers that migrants send directly to their families or communities in their home countries. These transfers have grown significantly in recent years and are now the primary source of foreign income for many developing economies.

South Asia, particularly India, Pakistan, and Bangladesh, is known for its significant migrant worker population and consistently ranks among the top recipients of international remittances worldwide.

In 2022, Pakistan and Bangladesh claimed the sixth and eighth spots, respectively, with Pakistan receiving nearly USD 30 billion and Bangladesh garnering around USD 21.5 billion.

In 2020, the World Bank predicted that global remittance figures would decline by 20% due to COVID-19, but the actual decline was only 2.4%. 

This unexpected trend was partly attributed to a shift from informal to formal channels in response to COVID-19 mobility restrictions, among other factors. 

Despite these challenges, the available data reflect an overall long-term upward trend in international remittances in recent years, escalating from approximately USD 128 billion in 2000 to USD 831 billion in 2022.

International remittances have consistently exceeded official development assistance levels (government aid aimed at promoting the economic development and welfare of developing countries) since the mid-1990s.