India tops global remittance chart with $129bn in 2024

As 2024 is approaching its end, officially recorded remittances to low- and middle-income countries are likely to reach $685bn this year
An undated image. — iStock
An undated image. — iStock

Indicating its substantial money-making footprint overseas, India has topped the list of countries receiving significant remittances with $129 billion.

Despite registering only a mild 3.2% surge compared to that of the previous year, India emerged to be in the lead among the biggest remittance recipients in 2024, according to the data issued by the World Bank.

As per the data, the global rate of remittances was recorded 5.8% higher than 1.2% that of 2023, indicating massive remittance growth worldwide.

Among the top five nations securing the highest annual remittances, the topper is followed by Mexico with $68 billion, China with $48 billion, Philippines with $40 billion, and Pakistan with $33 billion.

Region-wise, remittance flows in South Asia to Pakistan, India and Bangladesh saw the highest hike of 11.8%, which was said to be triggered by strong and continued inflows.

As the year is approaching its end, the officially recorded remittances to low- and middle-income countries are likely to reach $685bn this year.

It should be noted that, according to the World Bank, the account of remittance from informal channels is believed to be even larger than the one officially recorded.