Money sent home by migrants nearly doubles in a decade

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-15T00:40:54.586Z • Permanent link

Migrant workers sent a staggering $728.6 billion home to families in low and middle-income countries in 2025, a nearly double the amount recorded a decade earlier, according to a new report from the UN's International Fund for Agricultural Development (IFAD). This significant increase in remittances highlights the crucial role migrants play in supporting their families back home. IFAD's data suggests that migrant workers are now a vital source of income for millions of people worldwide, particularly in countries with limited economic opportunities.

Migrant remittances have been on the rise for several years, driven by an increasingly globalized economy and the growth of international migration. In 2015, for example, migrant workers sent $583 billion back home, according to IFAD. However, the COVID-19 pandemic accelerated this trend, as more people took up work abroad to supplement their income or pursue better job opportunities. The report notes that remittances have become a lifeline for many families, enabling them to pay for basic necessities, invest in their children's education, and even start small businesses.

IFAD's report also highlights the critical role of migrant workers in supporting economic development in their home countries. Remittances can account for up to 10% of a country's GDP, according to the organization. In countries like Mexico, for example, remittances from migrant workers have helped to finance infrastructure projects, promote economic growth, and reduce poverty.

Migrant remittances have far-reaching implications for the financial sector, research communities, and policymakers. Companies like Western Union and MoneyGram, which specialize in money transfer services, have seen their revenues soar in recent years due to the growing demand for remittance services. These companies have had to adapt to changing consumer behavior and technological advancements, investing heavily in digital platforms and mobile payments to stay competitive.

Researchers and academics have also taken notice of the trend, with many studies exploring the impact of remittances on economic development, poverty reduction, and social inequality. For example, a recent study by the World Bank found that remittances can have a positive impact on poverty reduction, particularly in countries with limited economic opportunities. As researchers continue to study the trend, policymakers will need to consider how to regulate the remittance industry and ensure that it is used effectively to support economic development.

The trend of increasing migrant remittances is part of a broader pattern of global economic shifts. The COVID-19 pandemic, for example, has accelerated the growth of remote work and international migration, as people seek better job opportunities and more flexible work arrangements. The rise of digital platforms and mobile payments has also made it easier for people to send and receive remittances, reducing transaction costs and increasing the speed of money transfer.