Migrants in the U.S. sent $700 billion home in 2024
Migrants sent $700 billion in remittances in 2024, an amount that exceeds official development aid and foreign direct investment in low- and middle-income countries, according to data from the United Nations’ International Organization for Migration.
The UN’s migration organization released this figure to mark the International Day of Family Remittances, celebrated earlier in June, and emphasized that in a context of economic uncertainty, conflict and growing inequality, remittances have remained a stable and crucial financial lifeline for millions of families around the world.
“When migrants send money home, they do much more than support their families,” said Amy Pope, the migration organization’s director general. “They are building stronger communities, boosting local economies and helping entire regions recover and grow.”
In June, President Donald Trump said he wants to tax money sent abroad, which some say could devastate Latin American and Caribbean economies.
Direct impact
Remittances allow families to meet essential needs such as food, housing, health care and education. They also support the creation of small businesses, generate jobs and strengthen economic resilience in communities affected by humanitarian crises, conflict, or forced displacement. They also have a positive impact on destination countries, where migrants fill labor market gaps, energize local economies and strengthen social ties, according to the migration organization.
Despite this impact, the organization noted that remittance flows are often hindered by high transaction costs and barriers to accessing financial services.
“The IOM continues to advocate for lowering transaction fees, expanding digital and financial tools, creating safer and more regular migration pathways and increasing the inclusion of diaspora communities in national development strategies,” the agency said.
The organization urges governments, financial institutions and development partners to work together to create an enabling environment for remittances.
India, Mexico and China top list
The five countries that received the most remittances in 2024 were India, Mexico, China, the Philippines and Pakistan, according to World Bank data.
In smaller economies, remittance inflows account for a very high proportion of gross domestic product (GDP). Tajikistan tops the list (45% of GDP), followed by Tonga (38%), Nicaragua (27%), Lebanon (27%) and Samoa (26%).
In Latin America, Mexico was the main recipient of remittances, with $64.247 billion in 2023. It was followed by Guatemala with $19.982 billion, Colombia with $10.202 billion and the Dominican Republic with $10.125 billion, according to data from WorldRemit.
This story was originally published June 28, 2025 at 12:56 PM.