BRI-03-15-15-featuredimage2

Growing remittances dwarf global aid

Mar 06, 2015

The flow of remittances, or money sent home by expats, is booming. In 2013 remittances dwarfed official aid by a factor of three. Last year totals grew 5%, to a record $435 billion; the World Bank says they could exceed $500 billion by 2017. Whether or not that happens, their impact will be huge. In 2012 the U.S. gave $209 million to Mexico in official aid but sent $22 billion in remittances—nearly 2% of the country’s GDP.

This story is from the March 15, 2015 issue of Fortune.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions