Long regarded as a cornerstone of global economic growth, foreign direct investment (FDI) has driven infrastructure development, job creation, and technological progress. However, the landscape has shifted dramatically in recent years. In 2023 and 2024, global FDI flows declined sharply, reaching historic lows across both developing and advanced economies amid rising trade barriers and geopolitical uncertainties.
Prompted by these evolving dynamics, the research team at BestBrokers analysed foreign direct investment data for 107 countries, sourced from the World Bank, to identify those with the highest total and per capita FDI, and to explore the impact of negative FDI on select nations.
Malta in a league of its own
The small Mediterranean nation of Malta attracted the highest foreign direct investment per capita in 2024, drawing $74,035 per resident, a 69.1% increase from the previous year. This surge in FDI, from $25.1bn to $42.5bn, is likely driven by Malta’s competitive corporate tax rates, EU membership, and its emergence as a hub for blockchain and digital finance services.
A long way down in second place is Singapore, which recorded inflows at $25,169 per person, up nearly 15%, supported by strong government incentives, world-class port infrastructure, and a strategic position as Southeast Asia’s financial and trade centre. Meanwhile, Hong Kong sees $15,554 per capita despite a 4.1% decline, reflecting ongoing investor caution amid political unrest.
Some large economies like the US and Canada exhibit strong growth but more moderate per capita values of $1,100 to $1,500, as their sizable populations dilute per-person investment, despite substantial total volumes. China and India, with their vast and rapidly evolving markets, register even lower figures at $13.17 and $19.03, respectively.
Small island nations like Antigua and Barbuda, and St. Kitts and Nevis stand out for their high investment per capita, highlighting how financial services or tax policies attract foreign capital disproportionate to their populations.
Global investment in 2024 confirms where economic power is concentrated
The US asserts its dominance with foreign investments totalling $388bn, more than twice that of second-place Singapore at $151bnm with Hong Kong third at $117bn and Brazil fourth with $71bn.
Meanwhile, China, the world’s second-largest economy by GDP, reported just $18.6bn, barely edging out Poland. For a country of China’s scale, that figure is unexpectedly low. It suggests a strategic pivot: Beijing is increasingly focusing on outbound investment and domestic self-sufficiency, rather than courting foreign capital.
Across the Atlantic, France attracts $55bn, an enormous increase of 530% compared to 2023’s $8.8bn. Meanwhile, Sweden, with just 10m people, draws $26.7bn fuelled by green tech, and even smaller Denmark secures $18.1bn through clean energy and pharmaceutical investments.
Beyond the West, rising players are redrawing the map. Indonesia drew in $24.1bn on EV supply chains, Vietnam brought $20.1bn as a key electronics hub, and Israel secured $16.8bn, driven by tech and defence, despite its small size.
The biggest FDI swings in 2024 tell a story of shifting global confidence
The Slovak Republic saw a jaw-dropping increase of 1,193%, swinging from a negative $328m in 2023 to over $3.58bn in 2024, a turnaround that suggests a major influx of foreign capital, likely tied to large-scale industrial investments or restructuring within key export sectors.
France surged 530% to over $55bn, signalling renewed investor trust in its industrial and energy sectors. Denmark nearly quadrupled its inflows, while Belize, though small, posted a 697% jump, the second-largest percentage gain of any country.
On the losing end, China’s 64% drop highlights its changing investment climate. Estonia collapsed 165% into the red, and Belgium posted a staggering 1,181% decline, suggesting major pull outs or project halts.
The message is clear: global capital is flowing in bold new directions, toward stability, strategy, and sector strength.
Countries with negative FDI per capita: What it means and why it matters
Negative FDI means more money is leaving a country than coming in, often due to profit repatriation, asset sales, or shifting investor confidence. It can signal trouble but also financial reshuffling.
Switzerland’s huge negative FDI per capita (over $12,400) reflects profit shifting and capital repatriation for tax reasons. Belgium and Hungary, on the other hand, face negative results due to multinational restructuring and EU uncertainty. Russia’s $8bn outflow highlights the impact of Western sanctions and geopolitical tensions.
Smaller economies like Estonia and Trinidad and Tobago endured sharp capital losses due to reliance on foreign investment and global market volatility, while Angola and Lesotho showed signs of improvement despite still negative FDI, fuelled by renewed interest in resource extraction and infrastructure projects that could attract fresh capital.
Paul Hoffman at BestBrokers says: “The 2024 foreign direct investment landscape reveals a clear shift from traditional patterns, as global FDI flows decline amid geopolitical tensions and trade barriers, yet FDI in smaller, agile economies highlight the complex dynamics shaping capital flows, which increasingly favour transparency, resilience, and economic strengths.”
