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Net international investment position

Concept in economics

Concept in economics

FORCETOC The net international investment position (NIIP) is the difference between the external financial assets and liabilities of a country. External debt of a country includes government debt and private debt. External assets publicly and privately held by a country's legal residents are also taken into account when calculating NIIP. Commodities and currencies tend to follow a cyclical pattern of significant valuation changes, which is also reflected in NIIP.

The international investment position (IIP) of a country is a financial statement of the value and composition of its external financial assets and liabilities. A positive NIIP value indicates that a nation is a creditor nation, while a negative value indicates that it is a debtor nation.

In 1980, the United States net international-creditor position was bigger than the total net creditor-positions of all the other countries in the world. By 1990, the U.S. was the world's largest debtor. By the end of 2020, the country’s net international-investment position was a negative $14 trillion, an amount representing how much more the U.S. owed to the rest of the world than the rest of the world owed to the U.S. At the end of 2022, it stood at a negative $16 trillion. By 2026 it has risen to $26 trillion.

List of countries and regions by net international investment position (NIIP)

Countries and regionstitle=IMF Dataurl=https://data.imf.org/regular.aspx?key=62805745access-date=6 February 2025website=data.imf.orgarchive-date=23 April 2021archive-url=https://web.archive.org/web/20210423181519/https://data.imf.org/regular.aspx?key=62805745url-status=dead }}
(US$ millions)url=https://www.imf.org/en/Publications/WEO/weo-database/2021/April/weo-report?c=512,914,612,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=NGDPD,&sy=2018&ey=2026&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1title=Report for Selected Country Groups and Subjectspublisher=International Monetary Fund}}
(US$ millions)NIIP
(% of GDP)Date
-11,46826,130-52.12024 Q3
+50,000260,134+19.22024 Q1
+21,4163,790+565.12023
-16,623113,286-14.72024 Q3
+75,882604,382+26.32024 Q3
-12,21825,251-73.12024 Q3
-560,5371,802,006-41.12024 Q3
+116,431535,804+21.72024 Q3
-86,746451,468-13.52024 Q2
-19,21973,129-51.72024 Q3
+390,828662,183+57.32024 Q3
-4,0353,151-104.22024 Q1
-11,20148,172-23.32024 Q3
-6,87228,404-24.22024 Q3
-980,9042,188,419-39.62024 Q3
-5,343108,425-4.72024 Q3
-35,86747,147-94.22024 Q3
+1,381,8172,214,796+58.72024 Q3
-64,245328,720-9.42024 Q3
China+3,181,70418,273,357+12.92024 Q3
-185,040417,207-51.72024 Q3
-20,83749,613-42.02020
-40,53995,149-42.62024 Q3
-20,90189,665-22.32024 Q3
-30,80334,790-84.62024
-29,074342,992-8.32024 Q3
+135,827412,293+56.62024
-75,064126,238-59.52024 Q3
-277,136380,034-72.92024 Q3
-7,98243,044-13.22024 Q3
EU (only Eurozone)+1,081,22215,544,860+7.02023–2024
+56,409306,083+19.62024 Q3
-801,3543,174,099-24.72024 Q3
+3,707,5274,710,032+77.32024 Q3
-340,644252,732-129.82024 Q3
+1,796,920368,633+487.52024 Q3
-74,474228,806-33.12024 Q3
+13,32232,919date=August 2025bot=InternetArchiveBotfix-attempted=yes }}2024 Q3
-351,0913,889,130-9.02024 Q3
Indonesia-273,9851,402,590-19.52021 Q1
-465,463560,566-80.12024 Q3
+242,701528,067+46.02024 Q3
+296,9362,376,510+12.22024 Q3
+3,586,6214,070,094+88.12024 Q3
-49,791292,553-17.02024 Q3
+120,063161,822+74.22024 Q3
-9,86145,521-22.32024 Q3
+1,11282,789+1.32024 Q3
+34,55191,210+37.62024 Q3
Malaysia-9,482439,748+2.22024 Q3
+24,38724,397+98.62024 Q3
-636,5201,848,125-34.42024 Q3
-42,85323,669-181.12024 Q3
-8,4828,110-104.62024 Q3
-69,97722,495-311.12024 Q1
+532,4881,218,401+54.62024 Q3
-119,310252,236-47.32024 Q3
-17,96419,412-92.52024 Q3
-71,484199,721-35.82024 Q3
+1,611,208503,752+318.62024 Q3
-128,962374,595-34.42024 Q3
-76,57487,347-87.72024 Q3
-101,848283,309-37.42024 Q3
-59,236470,062-12.62024 Q3
-285,180862,908-30.92024 Q3
-197,311303,032-62.82024 Q3
-138,238380,561-40.42024
+486,5851,710,734+26.82021 Q4
+744,1641,100,706+67.62024 Q3
-55,34282,550-67.02024 Q3
+873,348530,708+164.62024 Q3
-73,393142,617-51.02024 Q3
+4,66073,198+6.32024 Q3
+111,916403,045+27.82024 Q3
+977,8241,869,916+52.32024 Q3
-859,3171,731,469-49.02024 Q3
-85,18029,793-248.52018–2021
+331,662609,039+52.52024 Q3
+1,082,270942,265+114.92024 Q3
+1,371,420759,104+205.12020–2021
+37,455528,919+7.12024 Q3
-63,67844,265-162.62019–2021
-318,2181,344,318-23.72024 Q3
-28,87955,587-52.02023–2024
-15,181184,099-8.22024 Q3
-1,121,6673,587,585-31.32024 Q3
-26,230,00029,017,000-90.4date=26 March 2025title=U.S. International Investment Position, 4th Quarter and Year 2024url=https://www.bea.gov/news/2025/us-international-investment-position-4th-quarter-and-year-2024access-date=27 March 2025work=BEA Newspublisher=Bureau of Economic Analysis}}
+16,326112,653+14.52024 Q3
-28,51625,913-110.02023–2024

Creditor nations

This is a list of the top creditor nations of the world sorted by their net international investment positions (NIIPs) per capita. A creditor nation is a sovereign state that has a positive NIIP. The table uses the latest available data, mostly from websites approved by the International Monetary Fund, and includes Macau and Hong Kong because of their special economic statuses. Population figures may list citizens only or total population, therefore ranking and figures may vary. The 6 Gulf Cooperation Council countries are widely considered to be creditor nations (and perhaps some of the largest ones), but because of Islamic sensitivities about credit and debt, they seldom report their external assets and liabilities.

Country / territoryCurrency usedExternal AssetsExternal LiabilitiesNIIPNIIPPopulationPer CapitaDate and ref.
Macau–523% of GDP244% of GDP279.6% of GDP129,175601,000214,934Dec 2015
Hong KongHKD40,681,61130,440,44810,241,1631,309,2687,409,800176,694Oct. 2017
SingaporeSGD4,150,3713,306,317844,054596,8593,902,700152,935Dec. 2015
NorwayNOK12,994,0596,785,4706,208,589701,9655,213,985134,631Dec. 2015
SwitzerlandCHF4,260,3013,651,607608,694607,7828,325,20073,005Dec. 2015
TaiwanUSD1,634,712580,8071,053,9051,053,90523,492,07444,862Dec. 2015
LuxembourgEUR9,470,4819,454,00616,47517,887576,20031,043Dec. 2015
NetherlandsEUR7,583,1867,171,832411,354446,62016,980,04926,303url=https://web.archive.org/web/20151220221234/http://www.dnb.nl/en/statistics/statistics-dnb/balance-of-payments-and-international-investment-position/index.jspdate=2015-12-20}}
BelgiumEUR1,973,0001,719,000254,000275,77511,268,00024,474last=NBBtitle=International Investment Positionurl=http://stat.nbb.be/Index.aspx?DataSetCode=IIPBPM6&lang=enurl-status=livearchive-url=https://web.archive.org/web/20190605125224/http://stat.nbb.be/Index.aspx?DataSetCode=IIPBPM6&lang=enarchive-date=2019-06-05access-date=2022-06-24website=stat.nbb.be}}
MauritiusMUR15,178,48514,106,0851,072,40029,9341,262,86223,704Dec. 2015
Saudi ArabiaSAR3,548,7901,283,1002,265,690604,75824,000,00025,198Dec. 2016
JapanJPY948,729,000609,466,000339,263,0002,812,543127,043,00022,139Dec. 2015
DenmarkDKK5,924,0005,090,000834,000121,3525,707,30021,263Dec. 2015
GermanyEUR7,903,8006,415,6001,488,2001,615,78381,770,90019,760date=28 June 2016title=International investment position: Balance of Payments Statisticsurl=http://www.bundesbank.de/Redaktion/EN/Downloads/Statistics/External_Sector/International_Investment_Position/sdds_auslandsvermoegen_quartal.en.pdf?__blob=publicationFileurl-status=bot: unknownarchive-url=https://web.archive.org/web/20160628112813/http://www.bundesbank.de/Redaktion/EN/Downloads/Statistics/External_Sector/International_Investment_Position/sdds_auslandsvermoegen_quartal.en.pdf?__blob=publicationFilearchive-date=28 June 2016}}
MaltaEUR223,235218,7484,4874,872429,34411,347title=Economic and Financial Data For Maltaurl=http://nso.gov.mt/en/nso/National_Summary_Data_Page/Pages/NSDP.aspxurl-status=deadarchive-url=https://web.archive.org/web/20160405150226/http://nso.gov.mt/en/nso/National_Summary_Data_Page/Pages/NSDP.aspxarchive-date=2016-04-05website=nso.gov.mt}}
IsraelUSD418,535283,411135,124135,1258,464,2008,097Sep. 2017
South KoreaUSD1,494,7221,173,651321,071321,07152,617,0006,104Jun. 2018
RussiaUSD1,596,563772,192824,371824,371146,500,0005,627Mar. 2023
ChinaUSD6,218,9054,622,4521,596,4531,596,4531,367,820,0001,167Dec. 2015

Debtor nations

This is a list of debtor nations of the world sorted by their net international investment positions (NIIPs) per capita. A debtor nation is a sovereign state that has a negative NIIP, i.e. a country that has net external liabilities, not net external assets. The table uses data from respective national government statistical agencies, Eurostat, or IMF. Though many do, a large portion of nations do not report data to the IMF. Note that parallel reports from government or international agencies may report vastly different data.

Country / territoryCurrency usedExternal AssetsExternal LiabilitiesNIIPNIIPPopulationPer capita% of GDPDate
United StatesUSD31,680,10047,792,200–16,112,100–16,112,100332,300,000–48,487–63.3%4Qtr 2022
AustraliaAUD–––1,043,300–762,00024,000,000–31,758–56.8%Sep 2016
GreeceEUR–––222,323–266,78710,000,000–26,678–126.4%2014
CyprusEUR–––24,468–29,3611,140,000–25,755–139.8%2014
PortugalEUR–––196,053–235,26310,500,000–22,406–113.3%2014
SpainEUR–––978,000–978,00046,400,000–21,005–81.7%Q2 2018
United KingdomGBP–––431,454–690,32665,000,000–10,620–24.1%2014
BrazilUSD777,6741,434,811–657,136–657,136205,000,000–3,567–31.2%Jun 2015
IndonesiaUSD214,481627,588–413,106–413,106250,000,000–1,652–47.5%Dec 2014
IndiaINR920,6001,280,400–359,800–359,8001,410,000,000–255–11.6%Mar 2022
PhilippinesUSD240,935368,557–27,603–27,603113,000,000–244–7.0%Dec 2021

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