Immigrants make up nearly 80% of the population in the UAE (ranked #2 with $80 billion sent), the highest proportion of any country in the world.
Setting the countries sending the most money abroad side-by-side with those receiving money from abroad, reveals broad geographic patterns. Advanced economies (in North America and Europe) are the biggest senders to developing economies in Asia and Africa.
Finally, Switzerland, Netherlands, and Luxembourg are considered offshore financial centers and can be used as intermediary stops in the movement of money through the world.
Why are personal remittances important anyway? To start, a staggering one billion people (roughly one out of eight people in the world) depend on money sent back home. In 2022, 200 million migrant workers sent $800 billion to their families in home countries. Three-quarters of the money received is spent on basic necessities like food, medical, and housing expenses.
Thus, personal remittances represent, perhaps, one of the biggest informal Read More.
- BY TYLER DURDEN
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