Migrant Workers Sent US$685 Billion in Remittances in 2024

On the 10th anniversary of the International Day of Family Remittances, the UN’s International Fund for Agricultural Development (IFAD) recognized the critical role migrant workers play in global development. In 2024, over 200 million migrant workers from low- and middle-income countries sent an estimated US$685 billion to 800 million family members back home — a sum that surpasses both foreign aid and direct investment in these countries.

These remittances are especially vital in rural communities like Chinnamastral, Nepal, where families such as Bibha’s rely on regular support from loved ones working abroad. In 30 developing countries, remittances account for more than 10% of GDP, with nearly one-third reaching rural areas.

IFAD emphasizes that even modest remittances — averaging US$300 per month — empower families to invest in essentials like education, healthcare, and climate-resilient farming. They also call for accelerated digitalization of transfers, which could cut costs significantly and save up to US$20 billion annually.

Looking ahead to the Fourth International Conference on Financing for Development, IFAD urges policymakers and institutions to strengthen support systems that maximize the transformative potential of remittances for sustainable development.