Ranked! The Power Index
The United States sold more arms than the next seven exporters combined. Russia's share has collapsed from 21% to 6.8% in five years.
Monday · September 28, 2026
RANKED!

The Power Index

Ranked! The Power Index — Block 1
Ranked! The Power Index — Block 2

$1.95 billion changed hands Monday

On Monday, Newmont wrote its biggest rival a check for $1.95 billion.

They'd fought over the same Nevada ground for years.

It ended in one morning.

Newmont bought permission. Barrick can now split its North American mines into a company worth north of $60 billion.

The two largest gold miners on earth just cleared their decks.

They didn't do it to sit still.

The window shuts September 30th.

What's Surprising

Singapore has 6.1 million people. In 2025 it drew $151 billion of foreign direct investment, more than China and more than any country except the United States. That is about $24,700 for every person living there.

Hong Kong is third with $116 billion. Together the two cities took $267 billion, almost as much as the entire United States. UNCTAD puts it down to their role as headquarters locations and financial hubs. A company opens a regional holding office in Singapore, and the investment is counted there before it moves on to plants elsewhere in Asia.

Europe has its own version. The United Kingdom went from $16 billion in 2024 to $75 billion. Germany went from $21 billion to $74 billion. Neither economy changed that much in a year. UNCTAD’s own caveat is that Europe’s numbers are shaped by intra-firm financing, corporate restructuring and conduit flows, not just new factories.

What's Not Surprising

The United States is No. 1 again, at $277 billion, down slightly from $284 billion. It is the largest consumer market on Earth. Companies that want to sell there, behind tariff walls, increasingly build there. It took 17% of all the foreign investment in the world.

China slipped 9%, to $105 billion. It is still fourth, and both of its financial neighbours drew more. Brazil went the other way, up 22% to $77 billion. India rose 44% to $39 billion, just outside the top ten.

The money is concentrated. The top 20 recipients took more than 80% of global FDI. The top ten alone took nearly two-thirds. The world’s least developed countries shared $43 billion, 2.7% of the total. All of Africa fell 26% to $70 billion, because 2024 had been inflated by Egypt’s Ras El-Hekma megaproject.

Ranked! The Power Index — Block 3
Ranked! The Power Index — Block 4