By Pew Research Center, 1/23/2018
Worldwide, an estimated $574 billion (USD) was sent by migrants to relatives in their home countries in 2016, a 1% decline from 2015, when the amount was $581 billion, according to economists at the World Bank. This is the second drop in global remittances since the global financial crisis. Despite this recent decline, remittances sent by migrants are still about double what they were a decade ago, before the sharp decline in the global economy during the late 2000s.
Tracking remittances worldwide is difficult because many countries do not track funds that are sent or received. Based on data it is able to collect, the World Bank has used a statistical model to estimate the amount of money coming from each sending country to each receiving country. Because these numbers are estimates, there is some room for error. For example, the total incoming or outgoing remittances for some countries may not be the same as actual remittances.