Migrants Sent Record $466 Billion Home in 2017: World Bank
- Expanding global economy helped fuel rebound in remittances
- U.S. remains the largest draw for international migrants
Photographer: Meg Roussos/Bloomberg
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The world’s 266 million migrant workers sent a record $466 billion to developing countries last year following two consecutive declines and the money bound for home this year is projected to increase to $485 billion, according to the World Bank.
“The overall recovery in remittances is better than we expected. It is driven by stronger growth in the European Union, the Russian Federation, and the United States,” the bank said in a statement. “The rebound in remittances, when valued in U.S. dollars, was helped by higher oil prices and a strengthening of the euro and ruble.”