Expats send home £270 billion

flying £50

The International Organization for Migration has revealed that in 2009 expatriate workers sent around £270 billion back to their countries of birth, most likely to family members.

Along with this the IOM has also revealed that worldwide migration is at an all time high, with a global number of 405 million expats expected by 2050.

The country that had the most money sent back was India with £32 billion, closely followed by China with £32 billion.

However, despite the obvious benefits of being sent money, David Khoudar, an economist at the Organisation for Economic Co-operation and Development highlighted a few problems that may also arise: “In many countries remittances alleviate poverty, which is of course good, but they also create a situation of dependency. Very few people who receive money by remittance will be able to invest it in a way which will help them in the long-term. Similarly, countries who depend too much on remittances for their GPD can be discouraged from making reforms which would improve their economies. “