WORLD: Migrants Sent Home Over $300 Billion in 2006

. NEW YORK, NY / United Nations / October 18, 2007: A new United Nations study reveals that migrants working in industrialized countries sent home more than $300 billion to their families in 2006 – surpassing the $104 billion provided by donor nations in foreign aid to developing countries. Seemingly small sums sent home by migrant workers when added together dwarf official development assistance. Asia received the largest share of the remittances – more than $114 billion. India received the most of any single nation with $24.5 billion. The study also found that the remittances sent home regularly by some 150 million migrants exceeded foreign direct investment (FDI) in developing countries, which last year totalled around $167 billion. One third of these remittances flow to families in rural areas, and is mostly used for basic necessities such as food, clothing and medicines. While 10 to 20 per cent is saved, too often these savings are hidden in homes rather than put to work in financial institutions, constituting a “major missed opportunity for local development.” Source: UN Press Office, New York RAVISSANT adds: In keeping with traditional family values, children working abroad often sent small amounts earned abroad to their aged parents or grand parents in Asia, particularly in countries like India, Pakistan and Sri Lanka.