Remittance flows to developing nations to reach $ 406 b

According to a new World Bank report, officially recorded remittance flows to developing countries are estimated to reach $ 406 billion in 2012, a growth of 6.5% over the previous year.

The top recipients of migrant remittances in 2012 are India ($ 70 billion), China ($ 66 billion), the Philippines ($ 24 billion), Mexico ($ 24 billion), and Nigeria ($ 21 billion).

These flows are expected to rise 8% in 2013 and 10% in 2014 to reach $ 534 billion in 2015. The size of remittance flows to developing countries is now more than three times that of official development assistance.