The world is living through turbulent times, but investors are still chasing returns which has affected the flows of international foreign direct investment (FDI). So, they are asking themselves: which countries offer the best risk-return deals as the polycrisis unfolds?

Capital is flowing not just where the money is, but where the momentum lies, according to an analysis by BestBrokers, based on World Bank data from 2023 and 2024 that highlights a reordering of FDI priorities.

At first glance, the headline figure is predictable: the US remains the top global destination for FDI in 2024, attracting a total of $387.9bn, or just $1,140 invested per resident, a 11.2% increase y.y.

However, dig beneath the surface, and it’s the per capita numbers that illuminate the new rules of the game for global investment. As with the nominal size of GDP, the developed world wins, but on adjusted terms, it is the Global South that is the one to watch. In per capita terms, the US falls to 18th place globally, Antigua and Barbuda are the second and third largest of per capita inflows with $3,028 and $2,886 per resident, respectively.

But the standout champion in per capita terms is Malta that brought in a whopping $74,035 of FDI per resident. The Crusaders’ base tops the world in per capita terms. That represents a 69.1% increase, up from $25.1bn in 2023, driven by investor-friendly tax policies, digital finance infrastructure, and EU market access.

After the US, the biggest recipients of FDI in absolute terms were Singapore and Hong Kong, ranking second and third largest with $151.9bn and $117bn, respectively. Both record significant per capita figures too: $25,169 for Singapore and $15,554 for Hong Kong. Brazil ranks fourth with $71bn in FDI, though this amounts to just $335 per resident.

Indonesia is also a big player in Asia drawing in $24.1bn last year on EV supply chains, with Vietnam slightly behind with $20.1bn as a key electronics hub. Israel secured $16.8bn, driven by tech and defence, despite its small size.

In Central and Eastern Europe (CEE) the star is the Slovak Republic with a massive 1,193% y/y increase in 2004, climbing from an outflow of $328mn in 2003 to an inflow of $3.58bn in 2024. Conversely, Belgium experienced the steepest decline, as FDI plummeted by 1,181.25%, falling from -$2.78bn to -$35.57bn in the same period.

France attracted $55bn in 2024, an enormous increase of 530% compared to 2023's $8.8bn. Sweden, with just 10mn people, drew $26.7bn fuelled by green tech, and even smaller Denmark secured $18.1bn through clean energy and pharmaceutical investments.

“The message is clear: global capital is flowing in bold new directions, toward stability, strategy, and sector strength,” the report concludes. This is especially evident in countries like the Slovak Republic, where FDI soared by 1,193% year-over-year, and in Denmark and Sweden, where green energy and pharmaceutical sectors are attracting targeted inflows.

By contrast, traditional giants like China and India underperform on a per capita basis. China drew just $18.6bn in FDI in 2024—only $13.17 per person. For the world’s second-largest economy, the figure suggests a deliberate shift away from inward investment and toward outbound capital deployment and domestic self-reliance.

Outflows linked to geopolitics

Negative FDI flows appear to be closely linked to the problems in Europe where instability caused by the Ukraine conflict are putting investors off. Switzerland, long a magnet for global finance, saw an outflow of -$112.1bn—over $12,400 per capita – a 26% y/y decline. The causes include capital repatriation, profit shifting, and ongoing scrutiny of opaque corporate structures connected to the sanctions regime on Russia following its invasion of Ukraine in 2022. Belgium and Hungary, too, posted steep declines, raising questions about regulatory uncertainty and multinational restructuring within the EU.

Some of these negative flows—such as Russia’s -$8bn—highlight its political isolation and the increasingly important role of geopolitical tensions, US President Donald Trump’s trade war and the ongoing deglobalisation on investment decisions. Others reflect market corrections or rebalancing, rather than structural decline. “The changes in FDI flows points to a new reality where global capital no longer follows predictable patterns,” the report found.

Tech investment a driver, size doesn’t matter

The nature of the investment is changing too with “new economy” sectors increasingly dominating FDI flows. Singapore stands out for attracting investment into its clean tech and port infrastructure. Indonesia and Vietnam are becoming central hubs for EV and electronics supply chains. Israel, despite its military conflicts with Iran and Lebanon, still attracts billions in defence and cybersecurity-related investment.

Smaller countries are finding that size doesn’t matter if they offer clarity, incentives, and a strategic edge. As large economies grapple with polarised politics, protectionism, and deglobalisation, nimble nations like Belize, Grenada, Bahrain and even Tajikistan, are attracting outsized inflows.

“The reshaping of the FDI map in 2024 signals more than statistical anomalies. It represents a structural rebalancing of confidence, with capital now favouring governments that offer transparency, strategic focus, and regulatory coherence—regardless of their GDP ranking,” BestBrokers concluded.

In an era where capital can reroute at the speed of a click, countries that align policy with investor expectations will continue to outpace those relying solely on market size or legacy status. Malta, Singapore, and the Slovak Republic didn’t just receive capital—they earned it.

 

 

 

Countries with the Largest Total Foreign Investments in 2024

Rank	Country	Total Investment (USD Bn)
1	United States	387.99
2	Singapore	151.94
3	Hong Kong	117.03
4	Brazil	71.07
5	Canada	62.14
6	France	55.44
7	Australia	55.23
8	Germany	47.60
9	Mexico	43.86
10	Malta	42.52
source: BestBrokers.com

Countries with the Most Foreign Investments Per Capita in 2024

Rank	Country	Investment per Capita (USD)
1	Malta	74,034.82
2	Singapore	25,168.88
3	Hong Kong	15,553.62
4	Denmark	3,028.27
5	Antigua and Barbuda	2,886.09
6	Sweden	2,525.19
7	Australia	2,030.14
8	Grenada	1,925.92
9	Bahrain	1,701.21
10	Israel	1,685.16
source: BestBrokers.com

 

Countries with the Largest Increase in Foreign Investments (2023–2024)

Rank	Country	% Increase
1	Slovak Republic	+1192.74%
2	Belize	+697.38%
3	Finland	+680.85%
4	France	+529.72%
5	Denmark	+295.47%
6	Timor-Leste	+265.91%
7	Austria	+218.14%
8	Qatar	+197.05%
9	Brunei Darussalam	+151.97%
10	Tajikistan	+107.22%
source: BestBrokers.com

Countries with the Largest Decrease in Foreign Investments (2023–2024)
Rank	Country	% Decrease
1	Belgium	-1181.25%
2	Tonga	-345.21%
3	Estonia	-165.40%
4	Kazakhstan	-111.71%
5	Armenia	-76.13%
6	United Kingdom	-74.58%
7	Kuwait	-70.94%
8	Norway	-70.16%
9	Iceland	-67.92%
10	China	-63.86%
source: BestBrokers.com