A new report claims Wales receives £245 million more from the European Union than it pays in - around 0.4% of its GDP.
The briefing paper, Wales and the EU Referendum: Estimating Wales' Net Contribution to the European Union by Cardiff University's Wales Governance Centre has found that the amount of money Wales received from the EU budget in 2014 was £658m.
By accounting for a share of the UK's rebate, as Wales does not make a direct contribution, it's estimated £414m was paid towards the EU budget .
The overall net benefit to Wales was around £79 per head in 2014. This compares with a net contribution of £151 per head for the UK as a whole.
The report claims the situation in Wales is in 'stark contrast to the position of the UK' due to higher levels of 'public sector receipts.'
The report is part of ongoing research projects in public finance and the impact of the European referendum in Wales ahead of the vote on whether to stay in or leave the EU on 23 June.
Geraint Talfan-Davies, Chairman of Wales Stronger in Europe told ITV News the EU is a 'great bargain for Wales' and the country would be 'out of pocket' if Britain left the European Union.
A spokesperson for Vote Leave Cymru said Wales will be financially better off outside of the European Union where contributions could be 'better spend locally'.