Remittances — money sent by people working abroad to their families back home — are a lifeline for millions. In 2024, these money flows reached record levels in some countries, showing how strong family bonds remain across borders.

In 2024, India became the top country in the world for receiving remittances, with around $129 billion^[2] sent home by Indians living and working abroad. This shows how important family support is across borders. Mexico received $66 billion, while the Philippines got $39 billion, both ranking high on the list.

But it’s not just about the total amount for some smaller countries, remittances make up a large part of their economy. For example, Tajikistan gets 38% of its total income from money sent by its citizens working abroad. Nepal also depends heavily on remittances, which make up 25% of its GDP.

These money transfers help families buy food, pay school fees, and cover daily expenses. Remittances play a big role in reducing poverty and supporting economic growth in many countries. Even developed countries like France and Germany are on the list, showing how global and connected our world really is.

At the top of the list is India, which received an incredible $129 billion, the highest in the world. Mexico comes second with $66 billion, followed by the Philippines with $39 billion. These countries have large populations working overseas, especially in the U.S., Gulf nations, and Europe.

Other countries in the top 10 include France ($36.9B), Pakistan ($34.1B), China ($29.1B), and Bangladesh ($22.1B). Interestingly, some smaller countries like Guatemala and Egypt also make the list due to the strong support from their citizens abroad. These funds help families with education, healthcare, and daily needs and in some nations, remittances are a key part of the national economy.

Here are the top 10 countries where remittances make the biggest share of the national income in 2024.

Leading the list is Tajikistan, where remittances are an amazing 38.4% of its GDP! Close behind is Tonga, with nearly 42%, showing how vital this money is for their daily life. Other countries with high shares include Lebanon (30.7%), Nicaragua (26.1%), and Honduras (26%).

Countries like Nepal (25.4%), El Salvador (24%), and Lebanon show how important remittances are for supporting families and boosting local economies. Even small islands like Bermuda (21.5%) and Comoros (22.6%) rely on remittances for a big part of their GDP.

In these places, remittances don’t just help families—they’re key to the country’s survival and growth.

Remittances form a small fraction of GDP in several major economies. Leading the list, Kuwait and Angola both have an extremely low remittance share of 0.01%, reflecting minimal dependence on money sent from abroad. The United States follows with only 0.03%, while Chile and Papua New Guinea register similarly low shares of 0.02% and 0.03%, respectively. Other countries with low remittance shares include Japan (0.11%), China (0.16%), Uruguay (0.17%), Cayman Islands (0.18%), and Israel (0.19%). These figures highlight limited reliance on remittances compared to countries where they play a vital economic role.

Here is the comprehensive data listing all countries and the remittances they have received^[3][4]. This dataset provides valuable insights into the flow of remittance funds across the globe, highlighting the economic impact of money sent home by migrant workers. It covers remittance amounts and their share as a percentage of each country’s GDP, offering a detailed overview of how significant remittances are to different national economies.

Dataset of remittance-receiving countries

India, the most populous country in the world, is also the fourth-largest economy globally, with a GDP(nominal) of approximately $4.2 trillion surpassed Japan’s economy in 2025^[5].

According to the International Monetary Fund (IMF), India is on track to surpass Germany and become the world’s third-largest economy by 2027. The IMF projects that India’s nominal GDP will exceed that of Germany by the second quarter of that year^[6]. This outlook was also confirmed by Union Minister Piyush Goyal, who stated that India is expected to achieve this significant milestone by 2027^[7].

Factors behind Indian Economy growth

1. Young population: Over 65% of Indians are under 35.
2. India has a growing working-age population (~900 million by 2030), creating a large labor force and consumption base. According to EY, by 2030, India is projected to have 1.04 billion working-age individuals, with a dependency ratio of 31.2%, the lowest in its history^[8]. It’s estimated that by 2030, one in five working-age individuals worldwide will be Indian^[9].
3. Rising urbanization and middle-class growth will further boost demand.
4. Digital Public Infrastructure: India has developed a comprehensive digital infrastructure known as India Stack, which includes components like Aadhaar for digital identification and UPI for real-time payments^[10]. In May 2025, UPI transactions reached a record 600 million per day, highlighting the rapid adoption of digital payments^[11].

5. Manufacturing & Export Initiatives: The Production Linked Incentive (PLI) schemes aim to boost manufacturing in sectors like electronics, pharmaceuticals, and textiles^[12]. India announced a $2.7 billion PLI scheme to enhance its electronics manufacturing sector, aiming to attract $7 billion in investments and create 91,000 jobs over five years^[13].

6. Economic Reforms & FDI Inflows: Between 2014 and 2024, India received over $500 billion in FDI, with $300 billion coming in between 2019 and 2024, indicating accelerated growth^[14]. Reforms like the implementation of GST have streamlined taxation, enhancing efficiency and attracting more foreign investment^[15].

Challenges India Must Overcome

While India is on a strong trajectory to become the world’s third-largest economy, sustaining this momentum will require addressing several critical challenges:

1. Jobs Creation: India needs to create 8 to 12 million good-quality jobs every year, especially in areas like manufacturing, IT, and clean energy. These jobs should be in the formal sector and require higher skills^[16]. Right now, more than 80% of jobs in India are informal, which means most workers have low income security and poor working conditions.

2. Skilling the Workforce: There is a gap between what students learn and what companies need. India produces around 900,000 engineers every year, but there aren’t enough skilled workers for jobs in areas like AI, semiconductors, and advanced technologies^[17]. Programs like Skill India, training through ITIs, and job-focused courses are important to help fill this gap^[18].

3. Climate Resilience & Energy Transition: India aims to achieve net-zero carbon emissions by 2070. To do this, it needs to balance its fast economic growth with a shift to clean energy and modern power systems^[19]. Some key challenges include fixing electricity pricing issues, improving the power distribution network, and reducing its heavy use of coal^[20].

4. Bureaucratic Efficiency & Corruption Reduction: Even with government efforts like Make in India and the PLI scheme, slow approvals, complex rules, and corruption still make it hard for businesses and investors^[21]. To attract more investment and support manufacturing, India needs to simplify processes and make the system more transparent.

5. Healthcare & Education Reform: To make the most of its large young population, India needs to improve public healthcare and education, especially in rural areas. Building a stronger, healthier, and better-educated workforce will help boost the country’s productivity and long-term stability.

GDP current prices (Billions of U.S. dollars)

Country	Bar	Outflows
China	-15,200	-15,200
United Kingdom	-9,500	-9,500
India	-4,300	-4,300
South Korea	-1,200	-1,200
Russian Federation	-1,000	-1,000
Brazil	-800	-800
South Africa	-600	-600
Taiwan (Chinese Taipei)	-400	-400
Nigeria	-300	-300
Vietnam	-300	-300

• These are provisional figures for the full year 2024. They are based on year-to-date HNWI movements to June 2024. Figures are rounded to the nearest 100. • ‘Millionaires’ and ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more. Source: New World Wealth

China is expected to see the most millionaires leaving the country this year, with a whopping 15,200 predicted to move out. The UK is next in line to lose 9,500 millionaires by the end of 2024, followed by India with an expected loss of 4,300 millionaires. This trend shows that many wealthy people are choosing to relocate, possibly due to changes in the economy, society, politics, life style and tax.

For many years, London has been a top choice for millionaires moving from Europe, Africa, Asia, and the Middle East. However, things have changed in the last decade. More millionaires are now leaving the UK than coming in. After Brexit, from 2017 to 2023, the UK lost 16,500 millionaires. The outlook for 2024 is also concerning, with a projected net loss of 9,500 millionaires in just one year. This shift suggests big changes ahead for London’s economy and population. This trend is driven by a combination of Brexit fallout, political uncertainty, and controversial changes to the non-domicile tax rules. As a result, the UK is losing its appeal as a destination for wealthy individuals, signaling challenging times ahead for its economic and political landscape.

India is expected to see a notable decline of 4,300 millionaires leaving the country this year. Although this number is lower than the 5,100 who departed in 2023, India continues to rank among the leading countries for high-net-worth individuals (HNWIs) moving abroad. Indian millionaires frequently leave the subcontinent in search of a better quality of life, safer and cleaner environments, and access to higher-quality health and education services. These motivations drive many affluent individuals to relocate abroad, seeking opportunities that enhance their overall well-being and that of their families.

China is experiencing significant net outflows of millionaires (15200) due to its robust economy creating many new wealthy individuals. However, the slowdown in wealth growth in China in recent years suggests that these ongoing losses could have increasingly negative effects over time.