The data showed that the biggest beneficiaries included India and China, which each received more than $60 billion, followed by the Philippines ($24 billion), Mexico ($24 billion) and Nigeria ($21 billion).
Cash flow: This graphic shows how much money is being sent by migrants to their families back home and where it is being transferred from in a transient economy that topped $530bn last year, according to new figures by the World Bank. More than $120bn was sent from the U.S.
Click here for larger image.
Migrants working in the United States sent a staggering $120 billion back to their families last year, it was revealed today.
The amount of money being sent by migrants across the entire world reached $530 billion last year, making it a larger economy than Iran or Argentina, the data from the World Bank showed.
This worldwide figure has tripled in the last ten years and is now three times bigger than the total aid budgets given by countries around the world. It has sparked debate whether this so-called remittance money could be a viable alternative to relying on help from other governments.
In the United States last year, more than $120 billion was sent by workers to families abroad – making it the largest sender of remittances in the world. More than $23 billion went to Mexico, $13.45 billion to China, $10.84 billion to India and $10 billion to the Philippines, among other recipients.
In 2011, the World Bank estimated that U.S. remittances alone reached $110.8 billion, which was more than 80 per cent of the size of the total amount of cash flow ($132 billion).
It is little surprise as the US is home to the largest number of migrants from developing countries; there are 42.8 million immigrants in the country, making up around 14 per cent of the population.
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