Which Countries Have the Highest Corporate Tax Rates in the G20?

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June 26, 2024 Graphics/Design:

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Which Countries Have the Highest Corporate Tax Rates in G20?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In the wake of the 1999 Asian financial crisis, government representatives from the 20 largest economies in the world decided to informally gather to coordinate policy on trade. Thus began the G20.

Together the bloc accounts for more than 85% of the world economy and has been credited with unified policy action in response to world events.

However, despite this shared affiliation, this group is still made of fundamentally different economies with varied policies towards their business entities.

For a quick overview, we visualize and rank the G20 countries by their headline corporate tax rates. Data is sourced from Trading Economics, accessed June 2024. Data for the EU and the African Union (both G20 members) has not been included.

Ranked: G20 Members by Their Corporate Tax Rates

Argentina and India have the highest corporate income tax rates, at 35% in the G20.

However, both countries have a progressive ladder for taxation, so this headline number may only apply to a smaller subset of firms. For foreign companies with a “permanent entity” in India, the rate climbs past 40%.

RankG20 MemberCorporate Tax Rate 1🇦🇷 Argentina35% 2🇮🇳 India35% 3🇧🇷 Brazil34% 4🇯🇵 Japan31% 5🇦🇺 Australia30% 6🇩🇪 Germany30% 7🇲🇽 Mexico30% 8🇨🇦 Canada27% 9🇿🇦 South Africa27% 10🇨🇳 China25% 11🇫🇷 France25% 12🇹🇷 Türkiye25% 13🇬🇧 UK25% 14🇮🇹 Italy24% 15🇰🇷 South Korea24% 16🇮🇩 Indonesia22% 17🇺🇸 U.S.21% 18🇷🇺 Russia20% 19🇸🇦 Saudi Arabia20%
Note: EU and African Union not included. Figures rounded. Data accessed June 2024.

Interestingly, BRICS countries cover the spectrum of corporate tax rates. Starting from the highest (India, Brazil) to middle of the pack (South Africa, China) to lowest (Russia).

On the other hand, most of the G7 cluster in the mid-ranges (24–30%), with Japan the highest outlier

Mapped: Median Income by State in 2024

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June 25, 2024 Graphics/Design:

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Use This Visualization

Median Income by State in 2024, Adjusted for Cost of Living

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

To gain insight into the U.S. economy, we’ve visualized the median income by state, as of May 2024. These figures come from WalletHub, which sourced income data from the U.S. Census Bureau and adjusted it for cost of living according to the Cost of Living Index (COLI).

ℹ️ Median income refers to the income level at the midpoint of the income distribution within each state. Using California as an example, half of the state’s households earn more than $124,000, while the other half earn less (after cost of living adjustments). Data and Key Takeaways

All of the numbers we used to create this graphic are listed in the table below.

RankStateMedian Annual Income
(adjusted for cost of living) 1DC$162,265 2Hawaii$141,832 3Massachusetts$127,760 4Maryland$124,693 5California$123,988 6New Jersey$117,847 7Connecticut$114,156 8Alaska$113,934 9New Hampshire$110,205 10Rhode Island$104,252 11Washington$103,748 12Colorado$97,301 13New York$91,366 14Oregon$91,100 15Utah$89,786 16Vermont$89,695 17Virginia$89,393 18Delaware$87,173 19Minnesota$86,364 20Nevada$80,366 21North Dakota$79,874 22Maine$79,800 23Illinois$78,304 24Wyoming$76,307 25Pennsylvania$74,711 26Arizona$74,375 27Wisconsin$72,602 28Nebraska$72,384 29Texas$70,513 30Idaho$70,041 31South Dakota$69,266 32Iowa$68,974 33Montana$68,937 34Florida$68,818 35Kansas$68,489 36Georgia$66,612 37Indiana$64,170 38North Carolina$63,025 39South Carolina$62,909 40Michigan$62,446 41Ohio$61,904 42Missouri$59,715 43Tennessee$59,077 44New Mexico$58,911 45Oklahoma$57,215 46Louisiana$56,282 47Kentucky$55,629 48Alabama$55,480 49West Virginia$52,719 50Arkansas$51,032 51Mississippi$46,880

The Cost of Living Index, published by the Council for Community and Economic Research (C2ER), was established in 1968, and allows for consistent place-to-place cost comparisons.

The index considers six categories of spending: groceries, housing, utilities,

GDP Per Capita, by G7 Country (2019-2029F)

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June 24, 2024 Graphics/Design:

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GDP Per Capita Projections for the G7

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

GDP per capita takes the total economic output of a country in a year, and divides it by the total population, providing a measure of a country’s economic performance and living standards on a per person basis.

In this graphic, we’ve visualized GDP per capita for G7 nations, from 2019 to 2029 (forecasted). All figures come from the International Monetary Fund (IMF), and are as of April 2024.

Data and Key Takeaways

The data we used to create this graphic can also be found in the table below.

GDP per capita
(current USD)Canada
🇨🇦France
🇫🇷Germany
🇩🇪Italy
🇮🇹Japan
🇯🇵UK
🇬🇧U.S.
🇺🇸 2019$46,431$41,925$46,810$33,628$40,548$42,713$65,505 2020$43,573$40,529$46,712$31,789$40,172$40,246$64,367 2021$52,521$45,161$51,461$36,402$40,114$46,704$70,996 2022$55,613$42,306$48,756$35,043$34,005$45,730$77,192 2023$53,548$46,001$52,727$38,326$33,806$49,099$81,632 2024F$54,866$47,359$54,291$39,580$33,138$51,075$85,373 2025F$57,021$48,631$56,439$40,701$34,922$53,627$87,978 2026F$58,907$50,143$58,472$41,612$36,643$56,759$90,903 2027F$60,729$51,571$60,264$42,604$38,065$59,870$94,012 2028F$62,636$53,040$61,965$43,835$39,820$63,279$97,231 2029F$64,653$54,388$63,551$45,096$40,949$66,911$100,580

From this data, we can see that the U.S. has managed a very strong post-COVID recovery relative to its G7 peers. While Canada also saw a strong resurgence in 2021 and 2022, its GDP per capita actually fell in 2023.

This is attributed to the country’s high levels of immigration in 2023, which helped boost population by 3.2% (1,271,000 people). Because this increase outpaced economic growth, Canada’s per capita output decreased.

Looking towards the future, the IMF believes that the U.S. will reach a GDP per capita of $101,000 by 2029, which is significantly higher than any other G7 nation. It also believes that the UK will perform well in the second half of this decade, climbing from fourth to second place among this peer group of countries.

Learn More About GDP from Visual Capitalist

If you enjoyed this post, be sure to check out Ranked: The Top 6 Economies by Share of Global GDP (1980-2024).

Where Unemployment Benefits are the Highest, in OECD Countries

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June 17, 2024 Graphics/Design:

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Ranked: Unemployment Benefits in OECD Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This graphic ranks OECD countries by their level of unemployment benefits offered. This is measured by the percentage of previous in-work income a person would earn after being unemployed for one year.

Calculations reference a single person without children, whose previous in-work earnings were 67% of the average wage in each country. Data for this graphic and article can be accessed at OECD.org.

ℹ️ As of 2024, the OECD has 38 member countries plus several accession candidates. OECD Countries by Unemployment Support

Luxembourg tops the rankings of OECD countries by unemployment benefits. Workers in the country can receive 87% of their previous employed income for up to a full year out of work.

RankCountry% of previous in-work
income received
after 1 year 1🇱🇺 Luxembourg87 2🇧🇪 Belgium78 3🇩🇰 Denmark78 4🇧🇬 Bulgaria*77 5🇵🇹 Portugal75 6🇨🇭 Switzerland72 7🇳🇴 Norway67 8🇫🇷 France66 9🇪🇸 Spain66 10🇳🇱 Netherlands64 11🇸🇪 Sweden64 12🇮🇹 Italy62 13🇮🇸 Iceland61 14🇩🇪 Germany60 15🇫🇮 Finland58 16🇦🇹 Austria51 17🇲🇹 Malta*49 18🇬🇷 Greece47 19🇪🇪 Estonia45 20🇸🇮 Slovenia44 21🇳🇿 New Zealand42 22🇭🇷 Croatia*41 23🇨🇾 Cyprus*38 24🇯🇵 Japan38 25🇷🇴 Romania*38 26🇮🇪 Ireland35 27🇦🇺 Australia32 28🇵🇱 Poland31 29🇰🇷 South Korea23 30🇨🇦 Canada22 31🇮🇱 Israel22 32🇱🇹 Lithuania21 33🇨🇿 Czechia20 34🇬🇧 UK16 35🇱🇻 Latvia14 36🇸🇰 Slovakia10 37🇹🇷 Türkiye10 38🇭🇺 Hungary9 39🇺🇸 U.S.9
*Not formally in the OECD. Data unavailable for Costa Rica, Chile, Colombia, and Mexico. Figures current up to 2023.

However, there are stipulations to receiving this money. This includes being fit and willing to work as well as already registered in the National Employment Agency.

Mapped: The Income Needed to Live Comfortably in Every U.S. State

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June 12, 2024 Graphics/Design:

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The Income Needed to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.

This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

Massachusetts Ranks First

Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.

RankStateSalary needed for a single working adult 1Massachusetts$116,022 2Hawaii$113,693 3California$113,651 4New York$111,738 5Washington$106,496 6Colorado$103,293 7New Jersey$103,002 8Maryland$102,918 9Oregon$101,088 10Rhode Island$100,838 11Connecticut$100,381 12Virginia$99,965 13New Hampshire$98,093 14Arizona$97,344 15Georgia$96,886 16Alaska$96,762 17Vermont$95,763 18Illinois$95,098 19Delaware$94,141 20Utah$93,683 21Nevada$93,434 22Florida$93,309 23Maine$91,686 24Pennsylvania$91,312 25North Carolina$89,690 26Minnesota$89,232 27Idaho$88,733 28South Carolina$88,317 29Wyoming$87,651 30Texas$87,027 31Tennessee$86,403 32Indiana$85,030 33Montana$84,739 34Kansas$84,656 35Michigan$84,365 36Wisconsin$84,115 37Missouri$84,032 38Alabama$83,824 39Nebraska$83,699 40New Mexico$83,616 41Iowa$83,366 42Mississippi$82,742 43Louisiana$82,451 44South Dakota$81,453 45Ohio$80,704 45Kentucky$80,704 47North Dakota$80,538 48Oklahoma$80,413 49Arkansas$79,456 50West Virginia$78,790

West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.

To live comfortably on your own in the top five states, a person

Charted: America’s Shift to a Cashless Society

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June 11, 2024 Graphics/Design:

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Charted: America’s Shift to a Cashless Society

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

ℹ️ Your feedback inspired this visual! Join the conversation and suggest a topic by email at [email protected] to see your idea come to life.

A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical cash, relying on technologies like credit cards and mobile payments.

While no country today has fully reached this concept, there are some (like China and South Korea) that have seen widespread adoption of mobile payment platforms and digital wallets.

To see whether the U.S. is also moving in this direction, we visualized data from the Federal Reserve’s latest Diary of Consumer Payment Choice.

Data and Methodology

This graphic shows the share of each payment method’s use for all purchases in the country.

These figures are based on the results of a nationally representative survey of U.S. consumers, which tracked purchases they made during an assigned three-day period (n= 4,453). The following table lists the data we used.

Year💵 Cash💳 Credit🏦 Debit🌐 Electronic
transfer❓ Other 201631%18%27%10%14% 201731%22%27%10%10% 201826%23%28%11%12% 201926%24%30%11%9% 202019%27%28%12%14% 202120%28%29%12%11% 202218%31%29%13%9%

The key takeaway here is that the use of cash has fallen from 31% in 2016, to just 18% in 2022.

Cash Use Fell During COVID-19 Pandemic

Cash usage in the U.S. fell during the COVID-19 pandemic due to several reasons:

Hygiene Concerns: Fear of virus transmission through physical cash led consumers and businesses to prefer contactless payment methods. Social Distancing: The shift towards online shopping and delivery services, which require digital payments, increased during lockdowns and social distancing measures. Banking Adjustments: Reduced access to ATMs and banking services during lockdowns made obtaining and using cash less convenient.

It’s interesting to note that based on the Federal Reserve’s data, cash usage was already trending downwards before the pandemic, suggesting that the pandemic merely accelerated a trend that was already happening.

Ranked: The Countries Most Dependent on Agricultural Exports

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June 10, 2024 Graphics/Design:

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Ranked: The Countries Most Dependent on Agricultural Exports

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Between 2019 and 2021, agricultural products accounted for more than one-third of the total value of global commodity exports. This graphic ranks the most agriculturally-export-dependent countries in the world, using data from UN Trade & Development (UNCTAD).

For this graphic we have only included countries where agricultural products represent more than 75% of its total exports. Resource dependency can make a country vulnerable to economic shocks via price fluctuations.

Ranked: Countries that Rely Heavily on Agricultural Exports

In Micronesia, a staggering 98% of all its exports are agricultural, of which 89% are fish in various forms. In fact, five of the top 10 countries are small island nations in the Pacific. Four of them also have fish as their top agricultural export.

Below is a more extensive list showing countries whose agricultural products make up more than 60% of their total exports. Also listed: their most-valued agriculture export in 2022, sourced from the Observatory of Economic Complexity.

RankCountry% of Merchandise
Exports From
AgricultureTop Agricultural
Export (2022) 1🇫🇲 Micronesia98%🐟 Fish 2🇬🇼 Guinea-Bissau94%🌰 Cashew Nuts 3🇲🇼 Malawi93%🚬 Raw Tobacco 4🇸🇧 Solomon Islands89%🌲 Rough Wood 5🇲🇻 Maldives88%🐟 Fish 6🇻🇺 Vanuatu86%🐟 Fish 7🇰🇮 Kiribati84%🐟 Fish 8🇹🇴 Tonga82%🐟 Fish 9🇺🇾 Uruguay79%🐄 Bovine Meat 10🇪🇹 Ethiopia77%☕ Coffee 11🇳🇿 New Zealand77%🥛 Milk 12🇦🇷 Argentina76%🌱 Soybean Meal 13🇬🇲 Gambia75%🥜 Groundnuts 14🇧🇿 Belize75%🍬 Sugar 15🇼🇸 Samoa69%🥥 Coconut Oil 16🇵🇾 Paraguay68%🌱 Soybeans 17🇨🇮 Côte d’Ivoire67%🍫 Cocoa Beans 18🇸🇴 Somalia67%🐑 Sheep & Goats 19🇦🇫 Afghanistan65%☁️ Raw Cotton 20🇸🇾 Syria63%🫒 Pure Olive Oil 21🇸🇩 Sudan62%🌿 Sesame Seeds 22🇧🇯 Benin61%☁️ Raw Cotton 23🇨🇫 Central African Republic60%🌲 Rough Wood

Maldives, in the Indian ocean, is also within the top 10. Its top agricultural export is also fish. Interestingly, the Observatory of Economic

Charted: A Breakdown of India’s Overseas Trade in 2023

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June 5, 2024 Article/Editing:

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Charted: A Breakdown of India’s Overseas Trade in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, India’s total overseas trade value (combining merchandise imports and exports) stood at slightly over $1 trillion, about one-third of the $3.7 trillion economy.

To put into perspective, this is the size of Netherland’s gross domestic product, the 18th biggest economy in the world.

But who are India’s biggest export and import partners?

This chart by creator Preyash Shah breaks down the key countries with whom India imported goods from, and exported merchandise to, in the 2023 fiscal year (FY). It does not cover the value of services trade.

There’s also a historical six-year trend of India’s total merchandise trade since FY17. Data for this graphic is sourced from the Indian Ministry of Commerce and Industry.

ℹ️ India’s financial year runs from April to March, and the year label corresponds to the end of the time period. Thus, FY23 is from April 2022–March 2023. India’s Biggest Import Partners, By Country

China heads India’s sources of imports, with nearly $100 billion worth of goods imported in FY23. This is almost the same value as India’s next two biggest import partners combined: the UAE ($53 billion) and the U.S. ($50 billion).

Consumer electronics, computer hardware, and electrical machinery are some of India’s top imported goods from China.

RankCountry/TerritoryRegionFY23 Imports
(Million $) 1🇨🇳 ChinaAsia$98,506 2🇦🇪 UAEMiddle East$53,232 3🇺🇸 U.S.North America$50,864 4🇷🇺 RussiaEurope$46,213 5🇸🇦 Saudi ArabiaMiddle East$42,035 6🇮🇶 IraqMiddle East$34,386 7🇮🇩 IndonesiaAsia$28,820 8🇸🇬 SingaporeAsia$23,595 9🇰🇷 South KoreaAsia$21,227 10🇦🇺 AustraliaOceania$19,011 11🇭🇰 Hong KongAsia$18,275 12🇶🇦 QatarMiddle East$16,808 13🇩🇪 GermanyEurope$16,602 14🇯🇵 JapanAsia$16,495 15🇨🇭 SwitzerlandEurope$15,794 16🇲🇾 MalaysiaAsia$12,735 17🇰🇼 KuwaitMiddle East$12,247 18🇹🇭 ThailandAsia$11,193 19🇿🇦 South AfricaAfrica$10,398 20🇧🇪 BelgiumEurope$9,178 21🇬🇧 United KingdomEurope$8,961 22🇻🇳 VietnamAsia$8,795 23🇹🇼 TaiwanAsia$8,264 24🇴🇲 OmanMiddle East$7,911 25🇳🇬 NigeriaAfrica$6,693 26🇧🇷 BrazilSouth

Mapped: The Real GDP Growth of U.S. Regions in 2023

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June 4, 2024 Graphics/Design:

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The Real GDP Growth of U.S. Regions in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Distinct variations in regional economic growth were evident throughout America in 2023, driven by differences in industry composition and population dynamics.

This graphic shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis.

Which Regions Grew the Fastest in 2023?

Below, we show the U.S. regions with the highest real GDP growth last year:

RankRegionReal GDP Growth 2023 YoYReal GDP 2023 1Southwest+5.1%$2.8T 2Southeast+3.1%$4.9T 3Rocky Mountain+2.9%$837B 4Plains+2.5%$1.4T 5Far West+2.5%$4.5T 6New England+1.8%$1.2T 7Mideast+1.3%$3.9T 8Great Lakes+1.2%$2.9T U.S.+2.5%$22.4T

Outpacing all other regions is the Southwest, fueled by rapid population growth and booming oil production across the state of Texas, one of the fastest growing state economies in 2023.

In addition, electric vehicle factories and battery plants are increasingly emerging across the Sun Belt. This includes a 10 million square foot Tesla facility in Texas and a $320 million battery manufacturing plant and assembly facility in Oklahoma. The combination of lower land, labor, and electricity costs are driving corporate investment in the region.

With the second-highest real GDP growth rate, the Southeast also surpasses the national average.

Just as Texas is attracting industrial production across clean energy technologies, Georgia and Tennessee are emerging as automotive hubs. In fact, Georgia leads the country in electric vehicle assembly and battery plant investment, at a staggering $14.5 billion.

By contrast, growth in the Mideast and New England regions fell below the national average, weighed down by states like Massachusetts and New York as construction, manufacturing, and finance and insurance sectors witnessed slower activity.

Lastly, the Great Lakes region, covering Illinois, Ohio, Michigan, Wisconsin, and Indiana, experienced the lowest growth nationally, at just 1.2% in 2023. This sluggish performance was attributed to a shrinking labor force in Illinois and a contracting manufacturing sector in Ohio amid high interest rates. Moreover, three

The World’s Largest Economies: Comparing the U.S. and China

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June 3, 2024 Graphics/Design:

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Comparing the Economies of U.S. and China in 3 Key Metrics

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we provide insight into the world’s two biggest economies by comparing them across three key metrics: GDP, equity market valuation, and foreign direct investment (FDI).

Starting with GDP, we used 2024 estimates from the latest edition of the IMF’s World Economic Outlook (April 2024):

CountryGDP (% of total)GDP (USD billions) 🇺🇸 U.S.26.3$28,780 🇨🇳 China16.9$18,530 🌍 Rest of World56.8$62,220

Based on these figures, the United States and China combine for a massive 43.2% share of the global economy.

It’s also interesting to note that America’s share of global GDP has actually been increasing in recent years, from a low of 21.1% in 2011. This is partly due to its relatively strong recovery from the COVID-19 pandemic.

Equity Market Valuation

The U.S. dominates when it comes to stock market valuation, accounting for 61% of the global total as of Feb. 29, 2024. These figures are based on each country’s share of the S&P Global BMI, which is a broad coverage index, including large, mid, and small-cap stocks from developed and emerging markets.

Country% of Global Market Cap 🇺🇸 U.S.61.0 🇨🇳 China2.8 🌍 Rest of World36.2

The massive disparity in equity market valuations between the U.S. and China is a result of differences in many factors, including market maturity, corporate governance, and international participation.

In terms of country rankings within the S&P Global BMI, China is the fourth largest (behind Japan and the UK).

Foreign Direct Investment

FDI is an investment made by a firm or individual in one country into business interests located in another country. This type of investment can be very beneficial because it can create jobs and enhance economic growth. The FDI figures in this graphic were sourced from fDi Intelligence, and represent cumulative FDI stock from 1990 to 2022.

Country% of Global FDIFDI (current USD)