The International Fund for Agricultural Development (IFAD) has published its annual report titled “Sending money home: European flows and markets” in which the organization estimates how much money emigrants send home.
According to the report, developing countries outside Europe received US$72.9 billion in remittances from nationals living in Europe.
In 2014, it was estimated that migrants living in Europe sent US$109.4 billion in remittances worldwide.
It should be noted that 24 developing countries, mainly in Africa, Central Asia and the Near East, received more than half of their remittances from migrants living in Europe
The International Fund for Agricultural Development states that the top 5 receiving countries accounted for 42 % of Europe’s flows to the developing world: Nigeria (US$7.4 billion), China (US$6.3 billion), Morocco (US$6.2 billion), India (US$5.7 billion) and Uzbekistan (US$5.6 billion).
The organization also says that an estimated 150 million people worldwide benefit from remittances coming from Europe
“Migration and remittances are deeply embedded in the history of Europe and its people. More than 100 million Europeans left their home countries during the 19th and early 20th centuries, and many sent money back to relatives. This phenomenon has changed dramatically over the past 50 years, driven by the demographic realities and economic needs of aging populations in developed countries, the integration and expansion of the EU, the dissolution of the Soviet Union, and post-colonial ties to several African and Asian countries. Europe now has a migrant population of more than 50 million. Once a net remittance-receiving region, Europe is now a major source of remittances for countries within its own borders as well as developing countries worldwide,” it explains.
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