Countries by Gross fixed capital formation (constant LCU)
Iran, Islamic Rep. ranks 1st with a gross fixed capital formation value of 24,494,638,202,822,900 constant LCU, a figure orders of magnitude above all other countries due to currency scale differences. At the other end, Marshall Islands ranks 161st at just 60,683,910 constant LCU. The vast numerical range across this ranking reflects differences in currency denomination and base years rather than proportional differences in real investment activity.
Ranking 2024
| Rank | Country | Value |
|---|---|---|
| 1 | Iran | 24,494,638,202,822,900 |
| 2 | Indonesia | 4,001,693,300,000,000 |
| 3 | Vietnam | 2,143,569,400,000,000 |
| 4 | South Korea | 658,729,600,000,000 |
| 5 | Colombia | 171,970,000,000,000 |
| 6 | Japan | 139,407,405,380,000 |
| 7 | Uzbekistan | 91,905,235,706,800 |
| 8 | Somalia | 89,727,946,880,000 |
| 9 | India | 63,330,842,248,400 |
| 10 | Tanzania | 63,246,819,703,100 |
| 11 | Cambodia | 51,393,706,360,700 |
| 12 | Paraguay | 48725156551147.7 |
| 13 | Chile | 48,610,880,609,000 |
| 14 | Uganda | 38,986,139,616,200 |
| 15 | Laos | 34,527,224,264,000 |
| 16 | Guinea | 34,321,273,650,740 |
| 17 | Russia | 24,610,038,452,700 |
| 18 | Iraq | 20,238,448,335,400 |
| 19 | Côte d'Ivoire | 12,024,273,960,500 |
| 20 | Mongolia | 11,768,482,880,000 |
| 21 | Hungary | 11,437,434,882,000 |
| 22 | Bangladesh | 10,794,188,033,600 |
| 23 | Madagascar | 8,011,319,125,100 |
| 24 | Kazakhstan | 7495658404161.2 |
| 25 | Costa Rica | 6,975,308,500,000 |
| 26 | Mexico | 6,316,434,333,000 |
| 27 | Senegal | 6,260,777,383,600 |
| 28 | DR Congo | 5,991,071,085,500 |
| 29 | United States | 5,296,527,014,000 |
| 30 | Philippines | 5,217,526,677,300 |
| 31 | Cameroon | 5,070,000,000,000 |
| 32 | Algeria | 4147993302746.71 |
| 33 | Pakistan | 4112094457239.5 |
| 34 | Gabon | 4062876152624.53 |
| 35 | Rwanda | 3,296,873,567,800 |
| 36 | Mali | 3170716896600.05 |
| 37 | Benin | 3,154,900,000,000 |
| 38 | Sri Lanka | 2997530736352.56 |
| 39 | Niger | 2,900,635,002,400 |
| 40 | Thailand | 2,652,908,000,000 |
| 41 | Angola | 2636122991699.69 |
| 42 | Burkina Faso | 2,587,535,924,600 |
| 43 | Kenya | 2,015,255,000,000 |
| 44 | Serbia | 1,830,092,614,200 |
| 45 | Czechia | 1,711,219,000,000 |
| 46 | Armenia | 1679178796107.77 |
| 47 | Chad | 1,489,576,643,300 |
| 48 | Dominican Republic | 1,386,550,566,200 |
| 49 | Republic of Congo | 1,378,396,513,800 |
| 50 | Sweden | 1,317,391,000,000 |
| 51 | Saudi Arabia | 1,294,082,000,000 |
| 52 | Togo | 1,279,235,000,000 |
| 53 | Egypt | 1,102,290,000,000 |
| 54 | Norway | 931,379,041,000 |
| 55 | Iceland | 925,879,353,000 |
| 56 | Ethiopia | 844,123,588,900 |
| 57 | Brazil | 816604845011.98 |
| 58 | Nepal | 776069137544.51 |
| 59 | Germany | 702,008,920,000 |
| 60 | Syria | 663,654,000,000 |
| 61 | South Africa | 661,146,000,400 |
| 62 | Australia | 645,671,000,000 |
| 63 | Türkiye | 595,257,468,400 |
| 64 | Denmark | 587,095,920,000 |
| 65 | France | 564,699,300,000 |
| 66 | Albania | 545,599,812,700 |
| 67 | Ukraine | 544,751,186,000 |
| 68 | Canada | 544,708,343,000 |
| 69 | Hong Kong | 514,967,000,000 |
| 70 | Poland | 472,302,300,000 |
| 71 | United Kingdom | 461,964,878,000 |
| 72 | Italy | 438,626,900,000 |
| 73 | Israel | 372,357,264,000 |
| 74 | Equatorial Guinea | 370,386,104,200 |
| 75 | Morocco | 356418936422.04 |
| 76 | Malaysia | 352,315,832,000 |
| 77 | Uruguay | 313,054,682,000 |
| 78 | Kyrgyzstan | 286,729,756,200 |
| 79 | Spain | 273,189,000,000 |
| 80 | Guinea-Bissau | 256,816,074,500 |
| 81 | Switzerland | 191,274,382,000 |
| 82 | Netherlands | 185,891,613,000 |
| 83 | Afghanistan | 185,343,000,000 |
| 84 | Lebanon | 179,952,000,000 |
| 85 | Djibouti | 169,117,887,300 |
| 86 | Romania | 161,213,800,000 |
| 87 | North Macedonia | 154,640,000,000 |
| 88 | Peru | 135,570,000,000 |
| 89 | Singapore | 134,173,200,000 |
| 90 | Belgium | 125,316,100,000 |
| 91 | Argentina | 124,542,656,900 |
| 92 | Central African Republic | 121,147,185,000 |
| 93 | Mauritania | 108,545,351,500 |
| 94 | Mauritius | 102,934,074,000 |
| 95 | Guatemala | 101,307,654,000 |
| 96 | Austria | 95,454,987,000 |
| 97 | Bhutan | 88,459,412,800 |
| 98 | New Zealand | 80,297,411,000 |
| 99 | Ireland | 79,134,108,000 |
| 100 | Comoros | 59,413,696,500 |
| 101 | Nicaragua | 59,084,431,600 |
| 102 | Honduras | 56,697,500,000 |
| 103 | Macao | 55,493,000,000 |
| 104 | Bolivia | 54752362376.76 |
| 105 | Finland | 53,008,469,000 |
| 106 | Moldova | 50,842,233,900 |
| 107 | Portugal | 48,244,169,000 |
| 108 | Belarus | 47,586,700,000 |
| 109 | Botswana | 45,421,367,300 |
| 110 | Namibia | 39,861,910,200 |
| 111 | Vanuatu | 34,949,000,000 |
| 112 | Greece | 34,069,337,000 |
| 113 | Haiti | 33,074,400,800 |
| 114 | Ghana | 31,034,929,200 |
| 115 | Gambia | 27485429484.03 |
| 116 | Panama | 25647900831.39 |
| 117 | Bulgaria | 25,088,786,400 |
| 118 | Maldives | 22,222,670,000 |
| 119 | Slovakia | 21,618,630,000 |
| 120 | Ecuador | 20,642,030,900 |
| 121 | Croatia | 17,481,408,500 |
| 122 | Tunisia | 16,691,539,100 |
| 123 | Georgia | 15775302312.33 |
| 124 | Lithuania | 13,781,773,000 |
| 125 | Puerto Rico | 13,572,900,000 |
| 126 | Yemen | 13,265,970,900 |
| 127 | Sierra Leone | 12258535374.02 |
| 128 | Slovenia | 10,965,434,000 |
| 129 | Bosnia and Herzegovina | 10,751,250,900 |
| 130 | Eswatini | 10,343,622,200 |
| 131 | Luxembourg | 10,092,091,000 |
| 132 | Libya | 9,310,700,000 |
| 133 | Oman | 9,217,900,000 |
| 134 | Cuba | 8,262,000,000 |
| 135 | Lesotho | 7,863,367,700 |
| 136 | Estonia | 7,337,423,000 |
| 137 | Latvia | 7,036,585,000 |
| 138 | Zimbabwe | 6,614,797,400 |
| 139 | Greenland | 6,535,200,000 |
| 140 | El Salvador | 6,383,886,700 |
| 141 | Cyprus | 5,988,232,000 |
| 142 | Brunei | 5496721513.14 |
| 143 | Seychelles | 4,517,204,800 |
| 144 | Bahrain | 4,464,319,000 |
| 145 | Bahamas | 3,721,300,000 |
| 146 | Malta | 3532751410.59 |
| 147 | Palestine | 2,642,000,000 |
| 148 | Solomon Islands | 2498216743.22 |
| 149 | Kosovo | 2175850380.01 |
| 150 | Montenegro | 1,305,082,300 |
| 151 | Venezuela | 1192142657.41 |
| 152 | Belize | 1,150,727,100 |
| 153 | Bermuda | 850,300,000 |
| 154 | Samoa | 666,517,500 |
| 155 | Timor-Leste | 480077462.91 |
| 156 | Tonga | 268176946.75 |
| 157 | San Marino | 239138473.92 |
| 158 | Kiribati | 96248062.18 |
| 159 | Sudan | 90,768,500 |
| 160 | Palau | 80349113.46 |
| 161 | Marshall Islands | 60683910.37 |
Analysis
Gross fixed capital formation measures the net acquisition of fixed assets within an economy during an accounting period, including certain specified expenditures on services that add to the value of non-produced assets. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time, and the reference year for this adjustment varies by country. Values are reported in each country's own local currency unit (LCU), so rankings reflect currency scale and base-year choices as much as real investment levels. The dataset covers 161 countries sourced from the World Bank World Development Indicators (indicator code NE.GDI.FTOT.KN) for data year 2024. Coverage is strong: 159 of 161 countries (98.8%) have data from the last seven years, and 100% of datapoints are classified as official quality. Ten extreme outliers were identified at the 3-sigma threshold.
Iran leads all countries at 24,494,638,202,822,900 constant LCU (rank 1), driven by the very large nominal scale of the Iranian rial. Indonesia ranks 2nd at 4,001,693,300,000,000 LCU, followed by Viet Nam (rank 3) at 2,143,569,400,000,000 LCU, both countries whose currencies produce large nominal figures. Korea, Rep. ranks 4th at 658,729,600,000,000 LCU, and Colombia ranks 5th at 171,970,000,000,000 LCU. Japan, despite being one of the largest economies globally, ranks 6th at 139,407,405,380,000 LCU because the yen, while large in nominal terms, is smaller in scale than the rial or rupiah relative to investment totals reported here.
A notable anomaly appears mid-ranking: Somalia, Fed. Rep. ranks 8th at 89,727,946,880,000 constant LCU, placing it above India (rank 9, 63,330,842,248,400 LCU) and the United States (rank 29, 5,296,527,014,000 LCU). The United States, Germany (rank 59, 702,008,920,000 LCU), and the United Kingdom (rank 71, 461,964,878,000 LCU) all rank well below countries with high-denomination currencies, illustrating that LCU-based comparisons are not equivalent to purchasing-power or USD-denominated comparisons. At the lower end, Marshall Islands ranks 161st at 60,683,910 LCU, Palau ranks 160th at 80,349,113 LCU, and Sudan ranks 159th at 90,768,500 LCU.
Because values are expressed in each country's own constant local currency unit, this ranking cannot be used to compare absolute investment levels across countries. A higher rank may simply reflect a lower-valued currency or a more recent base year producing larger nominal figures. The reference year for price adjustment also varies by country, making cross-country comparisons unreliable without conversion to a common currency. Consistency in the latest year (2024) is 91.3%, meaning some country values are extrapolated or estimated. The metric excludes inventory changes and financial asset transactions. Reporting reliability varies across lower-income countries, and the 10 extreme outliers flagged at the 3-sigma threshold warrant particular caution in interpretation.
Methodology
Data source: World Bank World Development Indicators, indicator code NE.GDI.FTOT.KN, data year 2024. The metric covers 161 countries. Gross fixed capital formation includes acquisitions less disposals of fixed assets during the accounting period, including certain specified expenditures on services that add to the value of non-produced assets. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. Values are reported in each country's own local currency unit (absolute value). Coverage: 159 of 161 countries (98.8%) have data from the last seven years. Data quality: 100% of datapoints are classified as official. Consistency in the latest year (2024): 147 of 161 countries (91.3%). Ten extreme outliers were identified using a 3-sigma threshold. The range of values spans from 60,683,910 (Marshall Islands) to 24,494,638,202,822,900 (Iran), a spread of over 40 quadrillion percent, which is attributable primarily to differences in currency denomination and base-year selection rather than real investment disparities. Cross-country comparisons using this indicator are not valid without conversion to a common currency.