Money sent home by immigrants dwarfs money spent on foreign aid
Migrants send $526 billion to families back home, three times the world's total aid budget
The money migrants send to their families back home topped $526 billion last year, making it a larger economy than Iran or Argentina. According to a study, that figure has tripled in the last ten years. Even more shocking is the fact that this amount is now three times bigger than the total aid budgets given by countries around the world.
The figures from the World Bank, for example, show that migrants in the U.K. sent nearly $4 billion to India in 2011, compared to just $404 million handed over by the state.
Altogether, the top beneficiaries of migrant remittance are -
1. India: $63 billion
2. China: $61 billion
3. Mexico: $24 billion
4. Philippines: $22 billion
5. Nigeria: $21 billion
6. France: $19 billion
7. Egypt: $14 billion
8. Germany: $13 billion
9. Pakistan: $12 billion
10. Bangladesh: $12 billion
The figures from the World Bank, for example, show that migrants in the U.K. sent nearly $4 billion to India in 2011, compared to just $404 million handed over by the state.
Britain's shadow minister for international development, Rushanara Ali, who was born in Bangladesh, believes the U.K. government should try to harness migrant money to complement aid spending.
"I've never heard someone with an origin in another country not feel a sense of obligation or a sense of contribution," she told journalists.
"There will always be pressure on budgets. The time is ripe for coming up with new ideas on how Diaspora communities can make a difference."
A poll last month revealed that just one in four people support Britain spending billions of pounds on foreign aid every year, with more than 60 percent believing the cash is wasted.
There are more than 214 million migrants globally, which would make it the fifth most-populated country behind China, India, America and Indonesia.
© 2013, Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Migrants, money, families, budget, foreign aid, study
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Makes a lot more sense than sending money to governments just to grease the wheels for who knows what.