Foreign direct investment, or FDI, shows where companies and investors are putting money to work outside their home markets.

This graphic ranks the world’s largest sources of FDI outflows in 2024, using data from the latest World Investment Report from UN Trade and Development (UNCTAD).

In total, more than $1.7 trillion was invested abroad in 2024, with developed economies accounting for $1.1 trillion of that total.

The Six Sources Behind Half of Global FDI

Over half of all global FDI, or roughly $915 billion in outflows, came from just six sources: Canada, China, Hong Kong, Japan, Luxembourg, and the United States.

The U.S. led with over $266 billion in FDI outflows, followed by Japan ($204 billion), China ($163 billion), Luxembourg ($109 billion), Hong Kong ($87 billion), and Canada ($86 billion).

This data table ranks the world’s largest FDI sources in 2024.

As the world’s largest economy, the U.S. has long been both the prime source and destination of global FDI flows. The total U.S. direct investment position abroad topped $6.8 trillion in 2024, with the United Kingdom serving as the main destination for American overseas investment.

However, U.S. FDI outflows fell by more than 25% from 2023. At the same time, over half of greenfield investments by American companies in 2024 were made domestically rather than overseas.

FDI Conduits in the Global Economy

Hong Kong’s high position in global FDI outflows reflects the tendency of many firms to redirect FDI through the special administrative region. Luxembourg, the top FDI source in Europe, is another example of this trend, as are the British Virgin Islands ($59 billion), the Cayman Islands ($27 billion), and even, to some extent, the Netherlands ($55 billion).

Companies often route investments through these jurisdictions for tax, regulatory, or corporate structuring reasons.

The popularity of these tax havens has led to growing analysis of FDI by “ultimate beneficial owner” or “ultimate investor country” standards, by which investments are tracked to the location of their parent firm rather than an offshore subsidiary.

The Investor Continents and the Investee Continents

Orthodox theories of FDI suggest that countries organically move from being recipients or destinations of FDI to eventual sources. This process traditionally occurs alongside development.

For example, a resource-rich developing country may see high FDI inflows but fewer outflows, as foreign companies seek resources while domestic companies lack global competitiveness. This can be seen in cases as diverse as Bolivia and Mozambique, which combined registered just $189 million in 2024 outflows.

Meanwhile, as a country’s economy develops and expands, businesses begin to invest more abroad, either for production or market-seeking purposes. This scalability has led to the emergence of major FDI sources such as South Korea and Spain, both at $49 billion.

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