In the last decade, India surpassed China to become the top receiving country for remittances.
Indians working across the globe sent home USD 62.7 billion last year, making India the top remittance-receiving country surpassing China, says a UN report.
The 'One Family at a Time' study by the UN International Fund for Agricultural Development (IFAD) said about 200 million migrants globally sent more than USD 445 million in 2016 as remittances to their families, helping to lift millions out of poverty.
Remittance flows have grown over the last decade at a rate averaging 4.2 per cent annually, from USD 296 billion in 2007 to USD 445 billion in 2016.
The study is the first-ever of a 10-year trend in migration and remittance flows over the period 2007-2016. It said 80 per cent of remittances are received by 23 countries, led by India, China, the Philippines, Mexico and Pakistan.
The top 10 sending countries account for almost half of annual flows, led by the US, Saudi Arabia and Russia.
The study said India was the top receiving country for remittances in 2016 at USD 62.7 billion, followed by China (USD 61 billion), the Philippines (USD 30 billion) and Pakistan (USD 20 billion).
In the decade between 2007 and 2016, India surpassed China to become the top receiving country for remittances. In 2007, India was on the second spot, behind China, with USD 37.2 billion in remittances as compared to USD 38.4 billion for China.
The study said Asia is the highest originating region with 77 million migrants; with 48 million remaining within the region. Over the past decade, remittances to Asia and the Pacific increased by 87 per cent, reaching USD 244 billion, while migration grew by only 33 per cent in comparison.
Asia remains the main remittance-receiving region, with 55 per cent of the global flows and 41 per cent of total migrants. It is projected that an estimated USD 6.5 trillion in remittances will be sent to low and middle-income countries between 2015 and 2030.
The study added that the amount of money migrants send to their families in developing countries has risen by 51 per cent over the past decade - far greater than the 28 per cent increase in migration from these countries.
Currently, about 200 million migrant workers support some 800 million family members globally. In 2017, an expected one-in-seven people globally will be involved in either sending or receiving more than USD 450 billion in remittances, according to the report.