The rising concentration of foreign direct investment

Alexandros Ragoussis; Davide Rigo; Gianluca Santoni

doi:10.1007/s10290-026-00644-5

The rising concentration of foreign direct investment

Alexandros Ragoussis^*
, Davide Rigo
, Gianluca Santoni

^*Corresponding author for this work

Management

Research output: Contribution to journal › Article › peer-review

Abstract

Using two decades of granular data on foreign direct investments, this study shows a consistent global rise in the concentration of cross-border investments within fewer multinational firms. This concentration is most prominent in developing economies, reaching record highs in recent years. Structural shifts into services do not stand out as the primary driver of variation in investment concentration across countries and over time. Instead, concentration has grown significantly more in destinations facing high economic uncertainty.

Original language	English
Pages (from-to)	639–672
Number of pages	34
Journal	Review of World Economics
Volume	162
Early online date	30 Mar 2026
DOIs	https://doi.org/10.1007/s10290-026-00644-5
Publication status	Published - May 2026

Bibliographical note

Publisher Copyright: © The Author(s) under exclusive licence to Kiel Institute for the World Economy 2026.

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 8 Decent Work and Economic Growth
SDG 10 Reduced Inequalities
SDG 17 Partnerships for the Goals

Keywords

Concentration
Development
F63
Foreign direct investment (FDI)
L16
O24
Uncertainty

ASJC Scopus subject areas

General Economics,Econometrics and Finance

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Cite this

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KW - F63

KW - Foreign direct investment (FDI)

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KW - O24

KW - Uncertainty

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ER -

The rising concentration of foreign direct investment

Abstract

Bibliographical note

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

Embargoed Document

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Cite this