India tops the migrant remittances in 2012, says a World Bank report. India received $ 70 billion (Re. 3, 85, 000 Cr) as migrant remittances in one year, followed by China with $ 66 million (Re. 3, 30, 000 Cr).
The remittance to developing countries have reached $ 406 billion in 2012 - a growth of 6.5 % over the 2011 flows. These figures are expected to rise by 8 % in 2013 and 10 % in 2014 to reach $ 534 billion in 2015.
The other top recipients are the Philippines ($24 billion), Mexico ($24 billion), and Nigeria ($21 billion). The remittances to developing countries are now more than three times the official development assistance received by them.
The report also says that the USA is the largest recipient of migrants from developing countries as well as the largest sender of remittances.