The top five recipients of migrant remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion) and France ($12.5 billion), according to the Factbook.
For 2007, recorded remittances flows worldwide were estimated at $318 billion, of which $240 billion went to developing countries. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.
Lifeline for the poor
“In many developing countries, remittances provide a lifeline for the poor,” said Senior Economist & Author of Fact Book Dilip Ratha with Zhimei Xu. “They are often an essential source of foreign exchange and a stabilizing force for the economy in turbulent times.” An estimated 5.7 million Indian workers abroad sent home $27 billion in 2007.  The US was main remittance source, according to latest World Bank data. While South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the United States, the report said.
As migrant remittances have ballooned in size, they have caught the attention of high-level policymakers. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded, the World Bank said.