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Remittances From European Migrants Top $100 Billion

A new report says migrant workers in Europe sent $109.4 billion back to their home countries last year -- supporting an estimated 150 million people around the world.

The study by the International Fund for Agricultural Development (IFAD) found that two-thirds of that money went to developing countries, mostly in Asia and Africa.

The other one-third was sent by migrants to relatives within Europe, particularly from Russia and western Europe towards poorer Eastern European countries, such as Moldova and Albania.

Within the EU, the estimated $63.7 billion sent home by migrants last year was roughly equivalent to the union's entire aid budget, the report found.

The study, which is based on World Bank data, said 10 European Union countries are among those that receive remittances, including Hungary, Poland, and Romania.

Russia, which is classified as a European -- not an Asian -- country, is the top "sender" country in the region.

Based on reporting by Reuters and AFP

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