UN: Migrant Workers Sent 605 Billion Dollars Home in 2021
Last year, migrant workers worldwide sent an amount of 605 billion dollars to their families in their home countries. This was reported by a United Nations agency.
In particular, more money was transferred using mobile telephones. It is estimated that approximately 800 million family members in poorer countries in particular benefit from these payments to go home.
According to the International Fund for Agricultural Development (IFAD), the amount sent home is nearly 9 percent higher than in 2020. IFAD expects it to rise to $630 billion this year. The fund further estimates that through 2030, those payments will total $5.4 trillion, which is twice the size of Africa’s economy in 2021.
IFAD President Gilbert Houngbo says these payments by migrant workers help fight poverty and famine and provide money for education, health care and housing. He does warn, however, that the upward trend in payments could be affected by high inflation because migrant workers would have less money left over as a result.