Quito: Venezuelan migrants in Ecuador contribute an estimated $900 million each year to the country's economy, yet many remain trapped in informal work and vulnerable conditions, according to a new study by the UN International Organization for Migration (IOM).

According to United Nations, the evidence is clear: when migrants have access to rights and opportunities, they contribute substantially to the societies that host them, said Kristina Mejo, the head of the agency in Ecuador. Venezuelans currently number around 441,000 in Ecuador, with households paying nearly $47 million in taxes annually.

Most Venezuelans are young, with over 70 percent being between 18 and 39 years old, yet around two-thirds work in the informal sector. Only 30 percent are employed in their field of expertise. Women, in particular, face even steeper hurdles, with nearly 70 percent working informally and many earning below the minimum wage.

The study comes as global remittances—money sent home by migrant workers—continue to rise. IOM's 2024 World Migration Report shows transfers increasing from $128 billion in 2000 to $831 billion in 2022, underscoring migration's growing economic weight. High-income countries, led by the United States, are the primary sources. In 2022, the US alone sent $79 billion abroad, supporting families and strengthening global financial ties.

Similarly, migrants in Saudi Arabia sent home $39.4 billion, followed by those in Switzerland ($31.9 billion) and Germany ($25.6 billion). India, Mexico, China, the Philippines, and Egypt were the top five remittance recipient countries, with India well above the rest. Inward remittances in India exceeded $111 billion, making it the first country to reach and even exceed $100 billion.