India received $111 billion in remittances in 2022: World Migration Report 2024

United Nations report reveals India as top recipient of remittances, highlighting migrant worker challenges and global trends.

According to the United Nations’ latest World Migration Report, India was the highest recipient of remittances from abroad at $111 billion in 2022. Its remittance receipts were way ahead of its closely ranked peers Mexico ($61.1 billion), China ($51 billion), Philippines ($38.05 billion) and France ($30.04 billion). 

The report enumerated that with a “very large” number of migrant workers from the subregion, South Asia receives “some of the largest inflows of remittances globally.” It further stated, “India is also the origin of the largest number of international migrants in the world (nearly 18 million), with large diasporas living in countries such the United Arab Emirates (UAE), US and Saudi Arabia,” adding, “Pakistan and Bangladesh, which were the sixth and eighth largest international remittance recipients in 2022 (about $30 billion and $21.5 billion respectively) also have a significant portion of their populations living abroad as migrant workers, especially in Gulf Cooperation Council (GCC) states.” 

Importantly, the biennially published report mentions that while remittances remain a “lifeline” for many people in the subregion, migrant workers from the mentioned countries in South Asia continue to face a “myriads of risks, including financial exploitation, excessive financial debt due to migration costs, xenophobia and workplace abuses.” 

According to the report, India is the first to reach and even surpass the $ 100 billion mark. Its receipts from 2010 till 2022 have more then doubled. In 2010, the country received $53.48 billion, $68.91 billion in 2015 and $83.15 billion in 2020, as per the report.  

Overall, international remittances have recovered from the dip in 2020 due to the COVID-19 pandemic. Migrants sent an estimated $831 billion in international remittances globally in 2022. This marked an approximately 5% increase since 2021, when it stood at $791 billion, and approximately 16% from $717 billion in 2020. The report further highlighted that remittance receipts to low- and middle-income countries increased 8% between 2021 and 2022— from $599 billion to $647 billion.  

“Since the mid-1990s, international remittances have greatly surpassed official development assistance levels defined as government aid designed to promote the economic development and welfare of developing countries; they have also recently overtaken foreign direct investment,” it mentioned. 

According to the report, Gulf states remain significant destinations for migrant workers from around the world. The 2022 FIFA World Cup further underscored the importance of migrant labour to the subregion, as well as putting a spotlight on rights violations. Most of the migrants in GCC are from India, Egypt, Bangladesh, Ethiopia and Kenya. They are engaged in sectors such as construction, hospitality, security, domestic work and retail.