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Economics

World-Topping $100 Billion in Remittances Head to India in 2022

  • Funds from world’s largest diaspora a key source of cash
  • Migrants living in wealthy nations boost inflows to the nation
A morning commuter heads towards the Thames Path from London Bridge in the City of London.

A morning commuter heads towards the Thames Path from London Bridge in the City of London.

Photographer: Hollie Adams/Bloomberg

Migrant workers from India are on track to send home a record amount of money this year, boosting the finances of Asia’s third-largest economy, which is poised to retain its spot as the world’s top recipient of remittances.

Remittance flows to India will rise 12% to reach $100 billion this year, according to a World Bank report published Wednesday. That puts its inflows far ahead of countries including Mexico, China and the Philippines.