Remittance flows to developing countries are expected to reach $414 billion in 2013 (up 6.3 percent over 2012), and $540 billion by 2016. Worldwide, remittance flows may reach $550 billion in 2013 and over $700 billion by 2016. These increases are projected in spite of a $10 billion downward revision in the data due to the introduction of the Sixth Edition of the IMF Balance of Payments Manual and the reclassification of several developing countries as high-income countries.