Countries by Primary income receipts (BoP, current US$)

Ranking 2024

Analysis

Primary income receipts measure the flow of income earned by a country from the rest of the world through two main channels. As defined by the World Bank World Development Indicators (indicator BX.GSR.FCTY.CD): 'Primary income receipts refer to employee compensation paid to resident workers working abroad and investment income (receipts on direct investment, portfolio investment, other investments, and receipts on reserve assets). This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.' Values represent absolute totals in current US dollars, with higher values indicating greater receipts. The dataset covers 192 countries, with 185 of those (96.4%) reporting data from within the last seven years. All 192 datapoints are classified as official-quality. The ranking identifies 29 extreme outliers using a 3-sigma threshold, and the average year-over-year change is 40.5%, below the 50% volatility threshold. Data year coverage for 2024 stands at 79.2% of the 192 countries.

The top of the ranking is dominated by large, advanced economies with deep stocks of outward investment. The United States leads at $1.451 trillion (rank 1), more than 2.8 times the United Kingdom's $511.7 billion (rank 2). Germany ranks third at $467.3 billion, Japan fourth at $434.1 billion, and the Netherlands fifth at $422.6 billion. Luxembourg ranks seventh at $380.3 billion and Ireland eighth at $311.8 billion, both considerably higher than their economic size would suggest relative to peers, reflecting large financial-sector and multinational-linked flows. China ranks ninth at $309.3 billion and Hong Kong SAR ranks tenth at $282.4 billion. Switzerland (rank 11, $222.2 billion) and Singapore (rank 12, $199.6 billion) also appear in the top tier, consistent with their roles as major financial centers. These placements reflect large outward foreign direct investment stocks and substantial cross-border portfolio holdings.

The middle of the ranking shows considerable variation. India ranks 23rd at $51.1 billion, broadly comparable to Denmark (rank 22, $51.2 billion) and Austria (rank 21, $51.9 billion). Malta ranks 25th at $41.3 billion, placing it ahead of Kuwait (rank 26, $39.6 billion) and Saudi Arabia (rank 27, $39.6 billion). Cyprus ranks 29th at $36.5 billion, a notable placement for a small economy. Tajikistan ranks 61st at $4.9 billion, well above much larger economies in the bottom half, and ahead of Iraq (rank 62, $4.6 billion). Among smaller territories, Cayman Islands ranks 64th at $4.1 billion and Bermuda ranks 72nd at $2.8 billion. In the lower portion, countries such as Rwanda (rank 175, $31.1 million), Burundi (rank 176, $31.1 million), and Kyrgyz Republic (rank 177, $29.4 million) record very low receipts. Sierra Leone sits at the very bottom (rank 192) with just $25,949.

Several limitations apply to this metric. Because values are expressed in current US dollars without price adjustment, exchange rate movements can shift country rankings from year to year without any underlying change in real receipts. Offshore financial centers such as Luxembourg, Ireland, Malta, and Cyprus record receipts far exceeding what their domestic economies would generate, as multinational structuring and pass-through flows inflate reported figures. Data completeness for 2024 specifically is 79.2%, meaning roughly one in five countries uses data from an earlier year. Reporting practices vary across countries, and some lower-income economies may undercount investment income due to limited statistical capacity. The metric captures gross receipts only and does not account for primary income payments made to foreign investors, so it cannot be used to assess net positions.

Methodology

This ranking is based on World Bank World Development Indicators, indicator code BX.GSR.FCTY.CD, using data as reported for the 2024 reference year. The indicator is defined as follows: 'Primary income receipts refer to employee compensation paid to resident workers working abroad and investment income (receipts on direct investment, portfolio investment, other investments, and receipts on reserve assets). This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.' Values are absolute totals in current US dollars. The dataset covers 192 countries, surpassing the 80-country coverage threshold. Of these, 185 countries (96.4%) have data from within the last seven years. All 192 datapoints are classified as official quality, exceeding the 70% threshold. The 2024 data year is confirmed for 152 of 192 countries (79.2%). The ranking identifies 29 extreme outliers using a 3-sigma threshold. The average year-over-year change is 40.5%, below the 50% volatility threshold. The value range spans from $25,949 (Sierra Leone, rank 192) to $1.451 trillion (United States, rank 1), a spread of approximately 5.59 billion percent. Rankings should be interpreted with awareness that current-dollar figures are sensitive to exchange rate movements and that offshore financial center effects can substantially inflate reported receipts for small economies.

Sources

• World Bank