Money sent by immigrants to their home countries in sub-Saharan Africa reached a record $41 billion in 2017.
Worldwide, an estimated $625 billion (USD) was sent by migrants to individuals in their home countries in 2017, a 7% increase from 2016, when the amount was $586 billion, according to economists at the World Bank. This increase follows two consecutive years of decline.
For five countries – Nepal, Kyrgyzstan, Haiti, Tajikistan and Liberia – remittances from citizens abroad are equivalent to at least a quarter of GDP.
Remittance flows decreased worldwide for a second consecutive year in 2016, the first back-to-back decline in over three decades. Remittances to Latin America and the Caribbean, however, rose to a record high.
Worldwide, an estimated $582 billion was sent by migrants to relatives in their home countries in 2015, a 2% decline from 2014.