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Remittances to developing countries

Low- and middle-income countries received an estimated $656 billion in officially recorded remittances in 2023, and World Bank authors put the 2024 total near $685 billion: still larger than foreign direct investment and official development assistance combined.

Flows · Low and middle income

Chart: low- and middle-income remittances, 2017-2023, World Bank Migration and Development Brief 40. The number is billions of US dollars.
Chart: Fix Planet from World Bank Migration and Development Brief 40, Table 1.1, low- and middle-income countries, 2017-2023. The number is billions of US dollars. CC BY 3.0 IGO. This is an adaptation of an original work by The World Bank. Views and opinions expressed in the adaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed by The World Bank.

656 billion US dollars, 2023

2023
$656 billion (+0.7%)
2024 estimate
about $685 billion (+5.8%)

What the number is

Officially recorded money migrants send home to low- and middle-income countries. The World Bank’s Migration and Development Brief 40 (June 2024) puts the 2023 total at about $656 billion (+0.7% after the strong post-pandemic years). An 18 December 2024 PeopleMove update by the same research team estimates about $685 billion for 2024 (+5.8%). Informal channels mean the true total is larger.

Why it matters

For many countries these flows are the largest stable source of external finance: often bigger than foreign direct investment or aid. They support household consumption, education, health, and current-account buffers when other capital flows swing.

How to read it

These are estimates of the money sent during each calendar year. Regional growth is uneven; Migration and Development Brief 40 and the December 2024 update publish the regional tables behind the headline.

Chart: low- and middle-income remittances, 2017-2023, World Bank Migration and Development Brief 40. The number is billions of US dollars.

Sources