The world’s migrants tend to send huge amounts of money back home to their families through cross-border money transfers, also called remittances. Business Insider recently shed some light on the global remittance market, which is dominated by Western Union, MoneyGram and Ria.
With some $583 billion remitted globally last year, the market is absolutely colossal in size. The United States was the top country for remittances in 2014, accounting for 22 percent ($131 billion) of the world’s volume. Saudi Arabia’s huge migrant workforce saw the country send $45 billion in remittances while the United Arab Emirates rounded off the top three with $29 billion.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
This chart shows the top 10 remittance-sending countries in 2014.
You will find more statistics at Statista
