India tops Homeward Remittances at $55 billion

According to the World Bank’s latest data people of Indian origin living overseas sent in more money back home than people from any other country, for the fourth year in a row.  Indians sent home $55 billion in “remittances” which is equivalent to 3.9 percent of its GDP.  China used to lead the world in this stat, until 2006 but in 2010, the Bank estimates that overseas Chinese sent home $51 billion.

The country that comes third in the rankings in Mexico at $22.5 billion. Americans living overseas sent back just $3 billion ranking them at #37 worldwide. For some smaller economies, foreign remittances make up a huge proportion of foreign exchange earnings; Tajikistan, Tonga, Lesotho, Moldova, Nepal,Lebanon and Samoa get over 20 percent of the GDP equivalent from countrymen living overseas.