Remittances: the countries of the world and Latin America that received the most in 2020

Remittances to Mexico have their best level in more than 10 years 1:18

(CNN Spanish) -

Remittances, which in a few words are the remittances of money from nationals from a foreign country to their country of origin, are a strong support for the economy of several nations, especially those that are developing.

Despite the fact that remittances in 2020 (US $ 702,000 million) fell compared to 2019 (US $ 719,000 million), according to the expectations published last May by the Global Knowledge Partnership on Migration and Development (KNOMAD) and the World Bank in Migration and Development Report number 34, its importance is so great that it exceeds some key economic figures.

For example, according to the Report, "remittances exceeded foreign direct investment flows by a wide margin in 2020."

“Remittances have become an important mechanism for stabilizing consumption for the households that receive them and, as such, they constitute an increasingly important element (of private origin; that is, not from the government) of global systems social protection ”, he adds.

Said report on migration and development, which is the most current on the subject, details which countries received the most remittances in 2020, although it is based exclusively on low- and middle-income nations.

The country that dominates the world's top 10 is India, with $ 83 billion received.

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We can also observe which are the Latin American nations that received the most remittances in 2020. The country that dominates this list is Mexico, with US $ 43,000 million, which also makes it one of the top 3 in the world.

• Remittance shipments to Mexico have their best level in more than a decade

Next, we present two graphs with each of these lists.

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