At $110 billion, Indian diaspora diverted more wealth than any other to its home country in 2022

If you have the fortune of being a young adult in an Indian metro city, you’re probably also dealing with the current misfortune of watching your friends leave the country one by one. Whether they intend to pursue higher education or seek employment abroad, these migration patterns can ripple into significant economic impacts on both nations involved.

In fact, the UN’s 2024 World Migration Report has revealed that India’s diaspora transferred the most amount of wealth to their home nation compared to any other country, amounting to a staggering $110 billion in 2022. This remittance value has doubled since 2010, making India the first country to surpass the $100 billion dollar mark!

While this is undoubtedly an impressive figure, it probably comes as no surprise, considering that India boasts the largest migrant population overseas. Among the latest UN estimates of 281 million international migrants in the world — 1 out of every 30 people worldwide — nearly 20% originate from only six Asian countries: India, China, Bangladesh, Pakistan, Philippines and Afghanistan.

While the United States of America is unsurprisingly the most popular destination for migrants globally, the report found that most Indian migrants instead choose to travel to the United Arab Emirates. This is followed closely by the United States of America.

Meanwhile, a similar number of Indians choose to stay in Saudi Arabia as Bangladeshis choose India. Together, these two country-to-country migration corridors form the ninth and tenth most popular migration pathways in the world, the report revealed.

Unfortunately, a massive gender gap also arises when you look more closely at our migrant population. For the 12 million male emigrants who leave India for opportunities abroad, only about six million comprise female Indians. While similar trends can be observed for our neighbouring nations like Bangladesh and Pakistan, the gap closes when you consider Southern Asia as a whole. This is perhaps because of populous countries such as China with a much larger female migrant population than male.

Meanwhile, Mexico — as the second largest country of migrant origin — is also the recipient of the second-largest remittance, diverting $61 billion via emigrant wealth. In fact, Mexico to the USA forms the top country-to-country migration corridor, with nearly 12 million migrants. The North American country overtook China for its position in 2021, and has held onto the title since.

The UN report can be accessed here.