Net international investment position

The net international investment position (NIIP) is the difference in the external financial assets and liabilities of a country.^[1] 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.^[2] 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.

World

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.^[3] Only six years later, in 1986, when the nation’s international investment position was at a year-end negative $107.4 billion, the U.S. became a net-debtor nation for the first time since 1914, when its nominal debt had reached $2 billion.^[4] By 1990, the U.S. was the world's largest debtor^[3] By end-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.^[5] At the end of 2022, it stood at a negative -$16 trillion.^[6]

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

Countries and regions	Date	NIIP^[7] (US$MM)	Date	GDP^[8] (US$MM)	Date	NIIP (%GDP)
Albania	2021Q1	-9,028	2021	17,138	2019	−52.1
Andorra	2020	+7,658^[9]^[10]	2020	2,890^[10]	2020	265^[9]
Argentina	2021Q1	+128,627	2021	418,150	2019	26.3
Armenia	2021Q1	-10,124	2021	12,251	2019	−73.1
Australia	2021Q1	-664,900	2021	1,617,543	2021	−41.1
Austria	2021Q1	+58,662	2021	481,796	2023Q2	17.6^[11]
Bangladesh	2021Q1	-44,673	2021	352,908	2019	−13.5
Belarus	2021Q1	-31,417	2021	60,725	2021	−51.7
Belgium	2021Q1	+263,132	2021	578,996	2023Q2	59.1^[11]
Bhutan	2021Q1	-2,585	2021	2,480	2021	−104.2
Brazil	2021Q1	-460,181	2021	1,491,772	2019	−39.6
Bulgaria	2021Q1	-17,228	2021	77,782	2023Q2	−13.2^[11]
Cambodia	2021Q1	-25,658	2021	27,239	2021	−94.2
Canada	2021Q1	+1,105,744	2021	1,883,487	2021	58.7
Chile	2021Q1	-28,989	2021	307,938	2021	−9.4
Democratic Republic of the Congo	2018	-19,779	2021	55,088	2018	−42.0
Colombia	2021Q1	-171,915	2021	295,610	2019	−51.7
People's Republic of China	2021Q1	+2,140,041	2021	16,642,318	2021	12.9
Croatia	2020	-31,558	2021	65,217	2023Q2	−25.1^[11]
Cyprus	2021Q1	-35,545	2021	26,479	2023Q2	−99.7^[11]
Czech Republic	2021Q1	-24,507	2021	276,109	2023Q2	−16.9^[11]
Denmark	2021Q1	+278,307	2021	392,570	2023Q2	61.7^[11]
Egypt	2021Q1	-209,599	2021	394,284	2021	−53.2
Estonia	2021Q1	-6,872	2021	35,187	2023Q2	−22.7^[11]
Finland	2021Q1	+24,303	2021	300,484	2023Q2	3.1^[11]
France	2021Q1	-889,171	2021	2,938,271	2023Q2	−29.9^[11]
Germany	2021Q1	+3,055,922	2021	4,319,286	2023Q2	68.6^[11]
Greece	2021Q1	-352,272	2021	209,857	2023Q2	−144.2^[11]
Hong Kong	2021Q1	+2,163,155	2021	368,633	2021	586.8
Hungary	2021Q1	-74,450	2021	176,543	2023Q2	−50.6^[11]
Iceland	2021Q1	+8,466	2021	24,155	2019(Q1)	21^[12]
India	2021	-379,300	2021	3,049,704	March 2020	−14^[13]
Indonesia	2021Q1	-268,597	2021	1,158,783	2019	−30.4
Ireland	2020Q3	-705,962	2021	476,663	2023Q2	−108.8^[11]
Israel	2021Q1	+190,555	2021	446,708	2021	42.7
Italy	2021Q1	+40,176	2021	2,106,287	2023Q2	5.3^[11]
Japan	2021Q1	+3,375,849	2021	5,378,136	2021	62.8
Kazakhstan	2021Q1	-74,204	2021	187,836	2019	−36.2
Kuwait	2020	+89,847	2021	126,930	2019	69.7
Latvia	2021Q1	-11,806	2021	37,720	2023Q2	−26.2^[11]
Lithuania	2021Q1	-7,821	2021	62,198	2023Q2	−2.6^[11]
Luxembourg	2021Q1	+40,328	2021	84,077	2021Q2	43.4^[11]
Malaysia	2021Q1	+25,589	2021	387,093	2020	5.9
Malta	2020Q3	+9,100	2021	16,476	2023Q2	76.4^[11]
Mexico	2021Q1	-586,528	2021	1,192,480	2019	−51.4
Mongolia	2021Q1	-37,419	2021	14,233	2021	−262.9
Montenegro	2018	-9,044	2021	5,651	2018	−178.8
Mozambique	2021Q1	-59,996	2021	13,957	2021	−429.9
Netherlands	2021Q1	+959,049	2021	1,012,598	2023Q2	68.5^[11]
New Zealand	2021Q1	-112,488	2021	243,332	2019	−46.2
Nicaragua	2020	-14,456	2021	12,283	2019	−119.9
Nigeria	2020	-85,211	2021	514,049	2019	−16.3
Norway	2021Q1	+1,175,781	2021	444,519	2021	264.5
Pakistan	2021Q1	-116,935	2021	262,799	2021	−44.5
Panama	2020	-64,857	2021	59,377	2020	−122.5
Peru	2020Q2	-86,078	2021	225,918	2018	−37.4
Philippines	2021Q1	-15,322	2021	402,638	2020	−5.6
Poland	2021Q1	-254,623	2021	642,121	2023Q2	−32.2^[11]
Portugal	2021Q1	-246,961	2021	257,391	2023Q2	−76.9^[11]
Romania	2021Q1	-121,438	2021	289,130	2023Q2	−40.0^[11]
Russia	2021Q1	+458,533	2021	1,710,734	2021	26.8
Saudi Arabia	2021Q1	+587,883	2021	804,921	2021	73.0
Serbia	2021Q1	-49,970	2021	60,435	2019	−88.5
Singapore	2021Q1	+1,035,082	2021	374,934	2021	276.1
Slovakia	2021Q1	-67,785	2021	117,664	2023Q2	−57.6^[11]
Slovenia	2021Q1	-4,876	2021	59,132	2023Q2	0.7^[11]
South Africa	2021Q1	+97,342	2021	329,529	2021	29.5
South Korea	2021Q1	+477,517	2021	1,806,707	2021	26.4
Spain	2021Q1	-1,096,594	2021	1,461,552	2023Q2	−56.6^[11]
Sudan	2018	-85,180	2021	35,827	2018	−248.5
Sweden	2021Q1	+116,427	2021	625,948	2023Q2	44.0^[11]
Switzerland	2021Q1	+808,373	2021	824,734	2021	98.0
Taiwan	2020	+1,371,420^[14]	2021	759,104	2020	205.1
Thailand	2021Q1	+36,251	2021	538,735	2019	11.0
Tunisia	2019	-63,678	2021	44,265	2019	−162.6
Turkey	2021Q2	-280,624	2021	794,530	2021	−35.3
Uganda	2019	-18,640	2021	41,271	2019	−60.8
Ukraine	2021Q1	-21,613	2021	164,593	2021	−13.1
United Kingdom	2021Q1	-802,202	2021	3,124,650	2021	−25.7
United States	2022Q4	-16,112,100	2022	20,182,500	2022Q4^[15]	−79.8
Uzbekistan	2021Q1	+18,494	2021	61,203	2021	30.2
Zambia	2020Q3	-28,177	2021	18,955	2019	−116.5