Financial Globalization V1

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

278%

$29,922

$21,708

#1 United States

Assets and liabilities, % of GDP

Liabilities, $ billion

Assets, $ billion

(Rank change since 2005 = none)

Foreign assets and liabilities ranking

Foreign investment liabilities measure the value of foreign investment in a country and include foreign direct investment, portfolio equity investment, portfolio debt investment, lending and other investment. Foreign investment assets measure the outstanding value of a country’s investment abroad and include foreign direct investment, portfolio equity investment, portfolio debt investment, lending and other investment, and foreign reserve assets.

Source: McKinsey Global Institute analysis

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Foreign assets and liabilities ranking

(Rank change since 2005 = +4)

#2 Luxembourg

Assets, $ billion

$10,643

Liabilities, $ billion

$10,825

Assets and liabilities, % of GDP

36,101%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#3 United Kingdom

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

(Rank change since 2005 = –1)

Assets, $ billion

$10,577

Liabilities, $ billion

$10,492

Assets and liabilities, % of GDP

801%

Source: McKinsey Global Institute analysis

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Foreign assets and liabilities ranking

#4 Netherlands

(Rank change since 2005 = none)

Assets, $ billion

$8,045

Liabilities, $ billion

$7,970

Assets and liabilities, % of GDP

2,077%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#5 Germany

(Rank change since 2005 = –2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$8,064

Liabilities, $ billion

$6,617

Assets and liabilities, % of GDP

424%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#6 Japan

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$8,215

Liabilities, $ billion

$5,472

Assets and liabilities, % of GDP

277%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#7 France

(Rank change since 2005 = –2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$6,149

Liabilities, $ billion

$6,983

Assets and liabilities, % of GDP

533%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#8 China

(Rank change since 2005 = +8)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$6,594

Liabilities, $ billion

$4,739

Assets and liabilities, % of GDP

101%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#9 Ireland

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$4,963

Liabilities, $ billion

$5,572

Assets and liabilities, % of GDP

3,588%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#10 Hong Kong, China

(Rank change since 2005 = +4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$4,471

Liabilities, $ billion

$3,402

Assets and liabilities, % of GDP

2,455%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#11 Switzerland

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$4,290

Liabilities, $ billion

$3,537

Assets and liabilities, % of GDP

1,186%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#12 Canada

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$3,212

Liabilities, $ billion

$3,071

Assets and liabilities, % of GDP

411%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#13 Italy

(Rank change since 2005 = –4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$2,713

Liabilities, $ billion

$2,878

Assets and liabilities, % of GDP

302%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#14 Singapore

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$2,976

Liabilities, $ billion

$2,350

Assets and liabilities, % of GDP

1,793%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#15 Spain

(Rank change since 2005 = –4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,760

Liabilities, $ billion

$2,906

Assets and liabilities, % of GDP

378%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#16 Belgium

(Rank change since 2005 = –4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$2,142

Liabilities, $ billion

$2,012

Assets and liabilities, % of GDP

890%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#17 Australia

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,471

Liabilities, $ billion

$2,277

Assets and liabilities, % of GDP

298%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#18 Sweden

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,414

Liabilities, $ billion

$1,448

Assets and liabilities, % of GDP

560%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#19 Norway

(Rank change since 2005 = +2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,529

Liabilities, $ billion

$796

Assets and liabilities, % of GDP

628%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#20 Brazil

(Rank change since 2005 = +7)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$772

Liabilities, $ billion

$1,486

Assets and liabilities, % of GDP

126%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#21 Russia

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,226

Liabilities, $ billion

$926

Assets and liabilities, % of GDP

168%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#22 South Korea

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$1,218

Liabilities, $ billion

$928

Assets and liabilities, % of GDP

152%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#23 Austria

(Rank change since 2005 = –4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$909

Liabilities, $ billion

$967

Assets and liabilities, % of GDP

485%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#24 Denmark

(Rank change since 2005 = –2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$930

Liabilities, $ billion

$793

Assets and liabilities, % of GDP

562%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#25 Mexico

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$582

Liabilities, $ billion

$1,065

Assets and liabilities, % of GDP

157%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#26 India

(Rank change since 2005 = +3)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$540

Liabilities, $ billion

$933

Assets and liabilities, % of GDP

65%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#27 Finland

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$638

Liabilities, $ billion

$707

Assets and liabilities, % of GDP

568%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#28 Saudi Arabia

(Rank change since 2005 = n/a)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$930

Liabilities, $ billion

$304

Assets and liabilities, % of GDP

193%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#29 Indonesia

(Rank change since 2005 = +7)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$296

Liabilities, $ billion

$669

Assets and liabilities, % of GDP

103%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#30 Portugal

(Rank change since 2005 = –5)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$352

Liabilities, $ billion

$556

Assets and liabilities, % of GDP

443%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#31 South Africa

(Rank change since 2005 = none)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$409

Liabilities, $ billion

$414

Assets and liabilities, % of GDP

280%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#32 Thailand

(Rank change since 2005 = +6)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$379

Liabilities, $ billion

$433

Assets and liabilities, % of GDP

200%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#33 Poland

(Rank change since 2005 = –1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$242

Liabilities, $ billion

$548

Assets and liabilities, % of GDP

169%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#34 Turkey

(Rank change since 2005 = –4)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$215

Liabilities, $ billion

$571

Assets and liabilities, % of GDP

92%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#35 Greece

(Rank change since 2005 = –7)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$247

Liabilities, $ billion

$517

Assets and liabilities, % of GDP

393%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#36 Mauritius

(Rank change since 2005 = n/a)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$379

Liabilities, $ billion

$357

Assets and liabilities, % of GDP

6,158%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#37 Malaysia

(Rank change since 2005 = –2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$387

Liabilities, $ billion

$348

Assets and liabilities, % of GDP

248%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#38 Chile

(Rank change since 2005 = +2)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$329

Liabilities, $ billion

$379

Assets and liabilities, % of GDP

287%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#39 Israel

(Rank change since 2005 = –5)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$382

Liabilities, $ billion

$275

Assets and liabilities, % of GDP

206%

Source: McKinsey Global Institute analysis

Foreign assets and liabilities ranking

#40 Hungary

(Rank change since 2005 = +1)

Global financial connectedness: A country's foreign assets and liabilities reflect its ties to the global financial system.

Assets, $ billion

$267

Liabilities, $ billion

$355

Assets and liabilities, % of GDP

496%

Source: McKinsey Global Institute analysis