Key points from the chart
- The chart ranks countries by their greenfield FDI performance index score for 2023, which compares a country’s share of new foreign investment projects with its share of the world economy.
- The UAE comes first with 14.8, well ahead of Montenegro on 11.3 and Costa Rica on 7.9.
- Five of the top ten are in the Balkans or south east Europe: Montenegro, Kosovo, Serbia, North Macedonia and Bulgaria.
- China and Russia score lowest, at 0.1. The United States and Japan, two of the largest economies, are also in the bottom ten.
- The global average score is 2.4.
The FDI ranking by country 2023 in text
Title: Graph Time | Countries that attracted the most/least foreign direct investment (FDI) relative to the size of their economy in 2023.
Subtitle as printed: This chart shows greenfield FDI performance index score in 2023, which is an indicator of how many foreign investments a country attracts relative to its contribution to the global economy. A score above 1.0 shows a country’s share of global inward greenfield FDI projects was larger than their share of global GDP. A score below 1.0 means a country attracted less FDI than their economy’s size would suggest.
| Group | Country | Index score, 2023 |
|---|---|---|
| Top 10 | UAE | 14.8 |
| Top 10 | Montenegro | 11.3 |
| Top 10 | Costa Rica | 7.9 |
| Top 10 | Monaco | 6.2 |
| Top 10 | Republic of Kosovo | 5.9 |
| Top 10 | Serbia | 5.6 |
| Top 10 | North Macedonia | 5.3 |
| Top 10 | Rwanda | 5.2 |
| Top 10 | Bulgaria | 5.2 |
| Top 10 | Cambodia | 4.9 |
| Global average | All countries | 2.4 |
| Bottom 10 | Iraq | 0.4 |
| Bottom 10 | Bangladesh | 0.4 |
| Bottom 10 | Ethiopia | 0.4 |
| Bottom 10 | United States | 0.4 |
| Bottom 10 | Argentina | 0.4 |
| Bottom 10 | Israel | 0.4 |
| Bottom 10 | Japan | 0.3 |
| Bottom 10 | Algeria | 0.2 |
| Bottom 10 | Russia | 0.1 |
| Bottom 10 | China | 0.1 |
Source line: fDi Intelligence. Created with Datawrapper. The chart does not print rank numbers; countries are listed in the order shown.
How to read the index
A score of 1.0 means a country attracted exactly the share of new foreign investment projects its economy’s size would predict. The UAE’s 14.8 means its share of the world’s inward greenfield FDI projects was nearly 15 times its share of world GDP. A score of 0.1 for China means its share of projects was a tenth of its share of GDP.
Because the index divides by economic size, it favours small economies. A modest number of projects in Montenegro, Monaco or Rwanda counts for a lot against a small GDP, while the United States can attract many projects and still score only 0.4. The index is about relative pull, not the total amount of investment.
The figures behind the index come from fDi Intelligence, which tracks announced greenfield FDI projects and publishes its findings each year in The fDi Report. Its 2024 edition says the 2023 figures on announced greenfield FDI point to a resilient picture, with project numbers and capital expenditure staying strong after recovering from pandemic lows [1].
Notes on this infographic
- Not checked against the full data. fDi Intelligence’s report is behind a sign-in, so we could not check each score against its published table. The figures here are as printed on the chart.
- Global average. The chart does not say how the 2.4 average is calculated. It is well above 1.0, which suggests it is a simple average of country scores, pulled up by high scoring small economies, rather than a weighted figure.
- Ties. Rwanda and Bulgaria share 5.2, and six countries share 0.4, so the order within those groups is the chart’s own.
- Country names. Names are as printed, including “Republic of Kosovo”.
Questions about foreign direct investment by country
Which country attracts the most foreign direct investment relative to its economy?
The UAE ranked first on the greenfield FDI performance index in 2023, with a score of 14.8. That means its share of the world's inward greenfield FDI projects was nearly 15 times its share of world GDP. Montenegro came second on 11.3 and Costa Rica third on 7.9, against a global average score of 2.4.
Why does the United States score low on the FDI performance index?
The United States scored 0.4 in 2023, placing it in the bottom ten, because the index divides a country's share of new foreign investment projects by its share of world GDP. A large economy can attract many projects and still score low, while a modest number of projects counts for a lot in a small economy such as Montenegro, Monaco or Rwanda. The index measures relative pull, not the total amount of investment.
Which countries have the lowest FDI performance index score?
China and Russia scored lowest in 2023, at 0.1 each, followed by Algeria at 0.2 and Japan at 0.3. Six countries shared a score of 0.4: Iraq, Bangladesh, Ethiopia, the United States, Argentina and Israel. A score of 0.1 for China means its share of new greenfield FDI projects was a tenth of its share of GDP.
What is the global average FDI performance index score?
The global average score in 2023 was 2.4. The chart does not say how that average is calculated. Because it is well above 1.0, it looks like a simple average of country scores, pulled up by high scoring small economies, rather than a weighted figure. A score of 1.0 means a country attracted exactly the share of new foreign investment projects its economy's size would predict.
Sources
- FT Locations (fDi Intelligence), The fDi Report 2024, 14 May 2024.
Last reviewed 30 October 2026
