The total amount migrant workers and diaspora communities sent in 2025 to support relatives in low- and middle-income countries is expected to have reached nearly $729 billion.
This is almost double the amount recorded a decade ago, according to the International Fund for Agricultural Development, IFAD.
The UN agency says about 220 million people are sending money home, helping to support around 1.1 billion others.
Remittances exceed development aid
In its report, 'Sending Money Home', it says these remittances have become one of the main sources of household financing worldwide and remain among the most resilient flows at a time of overlapping economic, environmental and geopolitical shocks.
They now exceed both official development assistance, which has fallen sharply, and foreign direct investment in these countries.
In 23 countries, remittances account for more than 10% of GDP. The share reaches 58% in Tajikistan, 33% in Lebanon and 30% in Honduras.
Around one third of the total, or $233 billion, goes to rural areas, where formal employment, financial services and infrastructure are often lacking.
India and Mexico top the list
About three quarters of the money is used to cover immediate needs.
Transfers to the most fragile countries have almost doubled since 2010, reaching more than $134 billion in 2023. IFAD describes them as a vital source of foreign currency and a lifeline for households.
Five countries received almost half of all remittance flows: India with $150 billion, followed by Mexico with $64 billion, then the Philippines, Egypt and Pakistan, each with about $40 billion.
IFAD said the spread of mobile phones and the digitalisation of banking services has made sending money easier, although millions of transactions are still carried out in person at physical counters.
